Jobs Increased, but No Place for Youth

[Financial News] The overall employment rate in June rose compared to a year ago, but the youth rate declined. The youth employment rate has fallen for 14 consecutive months. Employment in the construction industry has decreased for 14 consecutive months, and the manufacturing industry for 12 consecutive months, continuing the sluggish trend. Employment in agriculture, forestry, and fisheries saw the largest decline in 9 years and 5 months.
 According to Statistics Korea's 'June Employment Trends' on the 16th, the employment rate for those aged 15-64 (OECD comparison standard) was 70.3%, up 0.4%p from the same month last year. On the other hand, the employment rate for those aged 15-29 was 45.6%, down 1.0%p from the same month last year.
 The youth employment rate has been declining for 14 consecutive months since May last year. The youth employment rate as of June is also the lowest since June 2021 (45.1%). The employment rate refers to the ratio of employed persons among the population aged 15 and over. The youth employment rate is the ratio of employed persons among the population aged 15-29.
 Last month, the total number of employed persons was 29,091,000, an increase of 183,000 compared to the same month last year. Although the increase was smaller than in May (245,000), it has continued a positive trend for six consecutive months this year.
 In contrast, the number of employed youth was 3,625,000, a decrease of 173,000 compared to the same month last year. The number of employed youth has decreased for 32 consecutive months.
 Gong Mi-sook, Director of Social Statistics Bureau, said, "The youth population is decreasing, leading to a continued decline in the number of employed persons," and "The youth mainly look at the employment rate, and the youth employment rate is not in a good situation."
 By industry, employment increased in health and social welfare services (216,000) and professional, scientific, and technical services (102,000), among others.
 On the other hand, the number of employed in manufacturing decreased by 83,000. The decrease was larger than in May (-67,000), marking the 12th consecutive month of decline. The decline in manufacturing was the largest since April this year (124,000).
 Employment in the construction industry also decreased by 97,000 due to the continued recession in the construction market. It has been declining for 14 consecutive months. The decrease in the construction industry was slightly smaller than the previous month (106,000). Employment in agriculture, forestry, and fisheries decreased by 141,000, the largest decline since November 2015 (-172,000).
 Director Gong said, "The decline in agriculture, forestry, and fisheries is quite significant. The decline is due to structural factors such as the decrease in the rural population," and "There is also the impact of the weather. Abnormal weather and cold waves in April affected growth. In June, there was a lot of rainfall and rainy days. The decrease was mainly among unpaid family workers."
junjun@fnnews.com Choi Yong-jun Reporter