Number of unemployed college graduates tops 480,000, highest in five years since the early days of COVID-19

[Financial News] The number of unemployed people who graduated from four-year universities or junior colleges has topped 480,000, marking the highest level in five years since 2021, when the COVID-19 pandemic was in its early stages.
According to data from the Korean Statistical Information Service (KOSIS) and employment trends released on the 19th, the number of unemployed people who graduated from four-year universities or junior colleges reached 481,000 in the second quarter. That was up 39,000 from a year earlier and the highest level for any second quarter since 2021, when the figure stood at 521,000.
People in their 20s and 30s accounted for 64.2% of all unemployed college graduates. Among those in their 20s, the number stood at 179,000, up 7,000 from the same period last year. The figure for those in their 30s rose by 27,000 year on year to 130,000.
The number of unemployed people in their 20s with no prior work experience is also on the rise. In the second quarter of this year, the figure reached 48,000, sharply higher than 56,000 in the same period of 2021.
Experts say the trend stems from companies' preference for experienced workers and the growing use of rolling recruitment. Some also point to a slowdown in the Middle East labor market as a factor that has hurt young job seekers.
[email protected] Song Ji-won Reporter