SEOUL, September 9 (AJP) - Youth employment in South Korea fell for a 46th straight month in August and manufacturing jobs declined for a 26th month despite stronger overall hiring.
The number of employed people aged 15 to 29 fell by 143,000 from a year earlier to 3.428 million. Their employment rate dropped 1.0 percentage point to 44.1 percent.
"Youth employment remained weak as jobs declined in information and communications and manufacturing, industries where younger workers are heavily represented," said Bin Hyun-jun, director general of social statistics at the Ministry of Data and Statistics.
People in their 20s accounted for most of the decline, with employment falling by 164,000 from a year earlier.
The youth employment rate has now fallen for 28 consecutive months. The youth labor force participation rate also dropped 0.8 percentage point to 46.6 percent, the lowest August level since 2020.
The youth unemployment rate rose 0.5 percentage point to 5.4 percent, the highest August level in four years, while the overall unemployment rate remained unchanged at 2.0 percent.
Bin said the increase in youth unemployment partly reflected stronger job-seeking activity during the survey period, including civil service applications, expanded public-sector hiring and an increase in new job openings.
The number of young people classified as “resting,” a category within the economically inactive population, fell by 51,000 from a year earlier. The ministry said some young people appeared to be moving from inactivity into active job searches and therefore being counted as unemployed.
Factory employment also remained under pressure.
Employment in mining and manufacturing fell by 37,000 from a year earlier, including a decline of 38,000 in manufacturing. Manufacturing employment fell for a 26th consecutive month, though the decrease narrowed from 68,000 in July.
Construction employment fell by 32,000 and remained in decline for a 28th straight month. Agriculture, forestry and fisheries lost 109,000 jobs.
Accommodation and food services shed 61,000 jobs, marking their first decline in four months and the largest decrease since July last year.
Bin attributed part of the decline to a high comparison base created by consumption vouchers issued from August last year, saying the losses were concentrated in restaurants and drinking establishments.
The weaker youth and factory figures contrasted with an improvement in overall employment.
South Korea added 184,000 jobs from a year earlier in August, bringing the number of employed people aged 15 and older to 29.151 million. The increase widened from 108,000 in July and was the largest in five months.
The employment rate for people aged 15 to 64, the OECD comparison standard, rose 0.5 percentage point to 70.4 percent, the highest level recorded for August since comparable data began in 1989.
The employment rate for people aged 15 and older remained unchanged at 63.3 percent.
Employment among people aged 60 and older increased by 191,000 from a year earlier. Employment also rose by 91,000 among people in their 30s and by 62,000 among those in their 50s.
Jobs among people in their 40s fell by 17,000.
By industry, health and social welfare services added 186,000 jobs.
Arts, sports and recreation services gained 73,000 jobs. Business facilities management and support services added 45,000.
Regular employees increased by 180,000 from a year earlier. Temporary employees declined by 50,000, while daily workers fell by 17,000.
The number of unemployed people fell by 4,000 to 588,000. The seasonally adjusted unemployment rate eased to 2.7 percent from 2.8 percent in July.
The economically inactive population increased by 77,000 to 16.297 million, even as the number of people classified as resting fell by 89,000 to 2.551 million.
AJP Takeaways
- South Korea's youth employment fell by 143,000 in August for a 46th straight month, while the youth employment rate extended its decline to 28 months.
- South Korea's manufacturing employment fell by 38,000 for a 26th consecutive month, while construction jobs declined for a 28th month.
- South Korea's overall employment increased by 184,000, with gains concentrated among older workers and health and social welfare services.
- South Korea's employment rate for people aged 15 to 64 rose to 70.4 percent, the highest August level since comparable data began in 1989.
Copyright ⓒ Aju Press All rights reserved.
