Busan October Employment Rate Hits Record High... Manufacturing Employment Increases for 9 Consecutive Months

OECD Standard Employment Rate for Ages 15-64 at 67.3%

Unemployment Rate Also at 1.9%, Lowest Since Statistics Began

Busan's employment rate in October reached an all-time high.

Busan City (Mayor Park Hyung-jun) announced on the 14th that employment indicators such as the employment rate and unemployment rate in Busan continue to show improvement.

According to the 'October 2024 Employment Trends' released by Statistics Korea on the 13th, Busan's employment indicators achieved record-breaking figures.

Busan's employment rate has been rising every year, and the employment rate for the main working-age group, based on the Organization for Economic Cooperation and Development (OECD) standard of ages 15 to 64, recorded 67.3%, the highest ever for October and the second highest since statistics began. This is the third highest among metropolitan cities, following Seoul and Incheon.

The employment rate for those aged 15 and over, based on the International Labour Organization (ILO) standard, also reached 58.3%, marking the highest October employment rate since 2002. The unemployment rate was 1.9%, the lowest ever recorded since statistics began, making it the lowest among metropolitan cities.

Job stability is also improving. The number of employees in the manufacturing sector, which offers stable employment, has been increasing for nine consecutive months, and the number of regular workers reached an all-time high.

While the number of manufacturing workers nationwide decreased by 33,000, Busan's manufacturing workforce increased by 23,000. The growth rate of 10.5% was the second highest nationwide, following Daejeon.

The number of manufacturing workers in Busan has been increasing continuously for nine months since February 2024, showing signs of recovery. According to the recent economic trends report for the Busan region released by the Bank of Korea Busan Branch, manufacturing production, including electronic components and machinery equipment, increased in October.

According to the October employment trends, the number of regular wage workers among Busan's wage earners increased by 62,000 to 950,000, the highest figure ever recorded.

The year-on-year growth rate was 6.9%, ranking first among metropolitan cities, and compared to the nationwide increase of 0.6% in regular workers, Busan saw a significant expansion in regular wage workers.

The number of wage workers has been increasing since 2022, and it appears that self-employed individuals are continuously transitioning to wage workers.

Busan City plans to continue efforts to improve the situation by preparing response policies for the decrease in construction workers due to sluggish domestic demand.

Although the sluggish domestic economy has led to a decrease in employment in construction, wholesale and retail, and accommodation and food services, and an increase in the economically inactive population, the decline in wholesale, retail, and accommodation and food services has slowed. Moving forward, Busan will continue to strive by preparing tailored support measures to respond to the economic downturn.

Mayor Park Hyung-jun stated, “The recovery of Busan's manufacturing sector and the increasing stability of jobs are encouraging developments,” adding, “We will devote our efforts to realizing a city of citizen happiness and jobs through customized support that responds to economic fluctuations.”