Unemployed people who graduated from college in the second quarter of this year hit a five-year high. In particular, people in their 20s and 30s accounted for more than 60% of the total, prompting analysis that youth employment is deteriorating.
According to the Ministry of Data and Statistics (MODS) on the 19th, unemployed people with at least a college degree totaled 481,000 in the second quarter. That was up 39,000 from a year earlier and, for a second quarter, the most in five years since the early days of COVID-19 in 2021 (521,000).
In particular, people in their 20s totaled 179,000 and those in their 30s 130,000, bringing the combined figure for the two age groups to 309,000. That accounted for 64.2% of all unemployed people with at least a college degree. Compared with a year earlier, unemployed college graduates in their 20s increased by 7,000 and those in their 30s by 27,000. Total unemployment in the second quarter was 855,000, up 11,000 from last year.
Analysts said corporations' preference for experienced hires, the rise of year-round hiring, and the spread of artificial intelligence (AI) have weighed on youth employment. A government official said, "Changes in corporations' hiring practices, the spread of AI, and the fallout from the Middle East war are worsening youth employment."