The number of employed people increased by 139,000 last month, showing an increase of 100,000 for the fourth month in a row.
The lodging and restaurant industry showed the largest decline since the COVID-19 period, and the manufacturing industry also turned negative again.
As a result, the cold wave in youth employment continued for 48 months, and the employment rate, taking population decline into account, was at its lowest level in six years.
According to the 'October Employment Trends' announced by the National Data Agency on the 11th, the number of employed people over the age of 15 last month was 29.179 million, an increase of 139,000 from the same month last year.
The number of employed people decreased by 40,000 in May of this year, but increased by 63,000 in June, and rose to the 100,000 range in July (108,000). It decreased from 184,000 in August to 113,000 in September, but the slight increase expanded last month.
The employment rate for those aged 15 to 64 rose 0.3 percentage points (p) to 70.4%, the highest as of October since related statistics were compiled in 1989, but the overall employment rate for those aged 15 and older fell 0.1 percentage points (p) to 63.3%.
By industry, the lodging and restaurant industry, which is a domestic industry, decreased by 137,000 people, declining for three consecutive months. It decreased by the largest amount since February 2021 (-232,000 people).
The data center explained that the base effect, which saw a significant increase in employment in the lodging and restaurant industry last year thanks to consumer livelihood recovery coupons, is continuing. In addition, it is analyzed that the slump in the industry also had an impact.
Manufacturing, which had increased for the first time in two years and three months in the previous month, also decreased by 7,000 people.
Bin Hyun-joon, head of the Social Statistics Department at the Data Center, said, "There was a slight decrease in textile products, automobiles, and clothing, etc.," and added, "It is not possible to determine whether the previous month's rebound was a 'sparkling' increase in just one month, but the industrial activity trend manufacturing production index showed a good trend."
The construction industry also lost 42,000 jobs, continuing the slump for 30 months.
On the other hand, there was an increase in the health and social welfare industry (249,000 people), transportation and warehouse industry (48,000 people), and business facility industry (37,000 people), supporting the overall employment market.
The lodging and restaurant industries, where many young people work, have frozen and the slump in youth employment has worsened.
The number of employed youth aged 15 to 29 decreased by 196,000, continuing the decline for 48 months.
Director Bin explained, “This is due to the continued decline in the information and communications, health and welfare industries, and the lodging and restaurant industries, which employ a large proportion of young people,” and added, “The preference for experienced workers and the spread of the culture of frequent hiring are also continuing to have an impact.”
The youth employment rate fell 1.7 percentage points to 42.9%. It has been falling for 30 consecutive months. As of October, it is the lowest level since October 2020 (42.3%), the early stage of COVID-19.
Even if we look at young people aged 15 to 34 under the Special Act on Youth Employment Promotion, which the government began promulgating in September, the situation is not easy.
The number of employed people aged 15 to 34 decreased by 131,000, a decrease for the 30th consecutive month. The employment rate fell by 0.6 percentage points to 55.4%, marking the 10th consecutive month of decline.
The total number of unemployed people was 602,000, a decrease of 56,000 from a year ago. The unemployment rate fell 0.2 percentage points to 2.0%.
The economically inactive population increased by 179,000, and of this, the ‘resting’ population decreased by 69,000.
