In February this year, the number of employed persons increased by 136,000. After recording a 'minus' for the first time in about four years in December of last year, the employment figures rebounded, continuing an increasing trend for two consecutive months. The increase in employment was strongly driven by the elderly population aged over 60. In contrast, the employment rate for those aged 15 to 29 was the lowest in four years, and the population classified as 'inactive' reached its highest level since statistical tracking began, indicating that the employment situation for young people was not favorable.
According to the 'February employment trends' report released by the Statistics Korea on the 12th, the number of employed persons last month was 28,199,000, which is an increase of 136,000 compared to a year ago.
The deterioration of employment in the construction and manufacturing sectors continued. The number of employees in construction and manufacturing decreased by 167,000 and 74,000, respectively, compared to the previous year. Both sectors have shown a decreasing trend for eight and ten consecutive months. The number of construction employees was 1,909,000, marking the lowest level in eight years since February 2017 when it was 1,899,000. In the business and support services and rental services sector, 74,000 jobs were also lost. In contrast, sectors where the number of employed persons increased were primarily health care and social welfare services, notably among those in their 60s, with an increase of 192,000.
By age group, there was a distinct increase in the number of employed persons among the elderly. The number of employees aged over 60 increased by 342,000 compared to the previous year, accounting for double the overall increase in employment. There was also an increase of 116,000 in those in their 30s. However, other age groups saw declines. The number of employees in their 20s decreased by 228,000, by 78,000 in their 40s, and by 8,000 in their 50s.
In particular, the employment situation for the youth population (aged 15-29) was not favorable. The number of employed young persons decreased by 235,000 compared to the same month last year, widening the decrease compared to the previous month. The employment rate for the youth (aged 15-29) was 44.3%, down 1.7 percentage points from the previous year, which marks the lowest level since February 2021 (42%). The decline in the employment rate itself was the largest since January 2021 (-2.9%). The number of unemployed youth (269,000) increased by 5,000 from a year ago, and the unemployment rate (7%) rose by 0.5 percentage points.
Kong Mi-sook, head of the Social Statistics Bureau at Statistics Korea, noted that 'the situation in sectors where young people are primarily employed, such as manufacturing and retail, is not favorable,' and explained that 'the preference for hiring experienced workers is increasing, and there is a trend of increasing sporadic hiring that is unfavorable for the youth.'
Meanwhile, the employment rate for individuals aged 15 and older recorded 61.7%, an increase of 0.1 percentage points from a year ago. The employment rate for those aged 15-64, as per the Organisation for Economic Co-operation and Development (OECD) comparison standard, was 68.9%, up 0.2 percentage points. The number of unemployed persons was 940,000, an increase of 25,000 compared to a year ago, while the unemployment rate remained the same at 3.2%.
The economically inactive population stood at 16,575,000, increasing by 7,000 compared to the previous year. Among them, the 'inactive' population who are capable of working but are not seeking employment increased by 123,000. In particular, the inactive youth population was 504,000, the largest since tracking began in 2003. The number of discouraged job seekers was 390,000, a decrease of 22,000 from a year ago.