Last month, the number of employed persons increased by 171,000 compared to the same month the previous year. The employment rate for those aged 15 and older climbed by 0.1 percentage point (p). As of July, the employment rate reached an all-time high. The number of unemployed persons decreased by 11,000. The unemployment rate was recorded at 2.4%, down 0.1%p compared to the same month last year.
According to employment trends announced by the Statistics Korea on the 13th, last month, the economically active population was 29,754,000, an increase of 160,000 compared to the same month the previous year.
The number of employed persons was 29,029,000, an increase of 171,000 compared to the same month last year. The employment rate for those aged 15 and older was recorded at 63.4%. The increase in employed persons showed double-digit growth for seven consecutive months.
By industry, the number of employed persons in manufacturing decreased by 78,000 (-1.8%). Construction saw a drop of 92,000 (-4.6%), while agriculture, forestry, and fishery decreased by 127,000 (-8.0%). Agriculture, forestry, and fishery have seen declines of more than 100,000 for four consecutive months.
The Statistics Korea analyzed that "the decrease in employed persons in agriculture, forestry, and fishery appears to be due to abnormal weather impacts such as April's cold wave and July's heavy rainfall," adding that "the structural decrease in farming households also has an influence."
In contrast, employment in health and social welfare services increased by 263,000 (8.7%). Professional, scientific, and technical services saw an increase of 91,000 (6.5%), and financial and insurance services increased by 38,000 (4.9%).
Although the service sector saw increased employment due to government job growth, there are concerns that the quality of employment may have declined due to sluggish performance in key industries such as manufacturing and construction.
By age group, the number of employed persons increased for those aged 60 and older (342,000) and for those in their 30s (93,000). In contrast, the number of employed persons decreased for those in their 20s (-135,000), 40s (-56,000), and 50s (-49,000). It was recorded that the number of employed persons in the youth group (ages 15-29) decreased by 158,000.
By employment status, the number of wage workers increased by 319,000 (1.9%), but the number of self-employed with employees (-25,000) and unpaid family workers (-51,000) decreased.
The non-economically active population was 16,004,000, an increase of 8,000 compared to the previous year.
Among the non-economically active population, the number of those who are neither working nor seeking work, classified as "rested," increased by 69,000 compared to a year ago.
The number of rested individuals in their 20s was 421,000, an increase of 5,000 compared to a year ago. This marks the highest level recorded for July since data collection began in 2003.