August Employment Rises by 184,000; Youth Employment Declines for 46th Consecutive Month

[Financial News] The number of employed people rose by more than 180,000 last month, marking the sharpest increase in five months. The gain was driven mainly by increases in the health and social welfare services sectors. However, youth employment remained sluggish, with the number of employed young people declining for the 46th consecutive month.
According to the August employment trends released by the Ministry of Data and Statistics on the 9th, the number of employed people stood at 29.151 million last month, up 184,000 from the same month a year earlier. This was the largest increase in five months since March, when the figure rose by 206,000.
The number of employed people fell by 40,000 in May, then recovered, rising by 63,000 in June and 108,000 in July. In August, the increase widened to 184,000, extending the upward trend for a third consecutive month.
By industry, health and social welfare services recorded the largest increase, with employment rising by 186,000. Employment also increased in arts, sports and recreation-related services, by 73,000, and in business facilities management and business support services, by 45,000.
By contrast, employment declined in agriculture, forestry and fisheries, by 109,000; accommodation and food services, by 61,000; and manufacturing, by 38,000. Employment in accommodation and food services fell by the largest amount in 13 months. Manufacturing employment also continued its decline for the 26th consecutive month.
Youth employment was particularly weak by age group. The number of employed people aged 15 to 29 fell by 143,000 last month, marking the 46th consecutive month of decline.
The youth employment rate also fell to 44.1% from the same month a year earlier, continuing its downward trend for the 28th consecutive month. The youth unemployment rate stood at 5.4%, its highest level in four years.
Bin Hyun-jun, director general of social statistics at the Ministry of Data and Statistics, explained, "In the case of the youth employment rate, employment declined particularly in industries such as information and communications technology and manufacturing, where many of the jobs young people seek are concentrated. Overall, it appears that the recent unfavorable employment conditions facing young people are being reflected in the indicators."
Overall employment indicators improved. The employment rate for people aged 15 to 64, based on the OECD comparison standard, was 70.4% last month, up 0.5 percentage points from the same month a year earlier. This was the highest level for August since related statistics began being compiled in 1989. The unemployment rate was 2.0%, unchanged from the same month a year earlier.
[email protected] Kim Chan-mi Reporter