The number of employed people increased by 184,000 in August... Recovery flow continues
Quick Look
- In August, the number of employed people increased by 184,000 compared to the same month last year, showing signs of recovery, but the slump in the construction and manufacturing industries continued, and the youth employment cold wave continued for 46 months.
- The lodging and restaurant industry decreased significantly due to the base effect, and the overall unemployment rate was the same as last year.
AI-generated summary
Why It Matters
This year, the number of employed people showed an increase in the 100,000-200,000 range from January to March, but the rate of increase slowed in April and decreased in May. Since then, it has been showing an upward trend since June.
In August, the number of employed people increased by nearly 200,000, showing signs of recovery.
The slump in the construction and manufacturing industries continued, but the decline decreased. The long-term youth employment cold wave continued.
According to the 'August Employment Trends' announced by the National Data Agency on the 9th, the number of employed people over the age of 15 last month was 29.151 million, an increase of 184,000 from the same month last year.
The number of employed people continued to increase in the 100,000-200,000 range from January to March this year, but the rate of increase slowed to 74,000 in April and decreased by 40,000 in May. Afterwards, the number turned upward with an increase of 63,000 in June, and rose to the 100,000 range with 108,000 in July.
The increase in the number of employed people last month was the largest in five months since last March (206,000 people).
The employment rate for those aged 15 and older was flat at 63.3%.
By industry, the number of employed in manufacturing decreased by 38,000, a decrease for 26 consecutive months. However, the decline is gradually decreasing.
The number of employed people in the construction industry decreased by 32,000, but the decline also decreased compared to the previous month.
The lodging and restaurant industry, a domestic industry, decreased by 61,000, the largest decline in 13 months. The data center explained that this was due to the base effect from last year's consumer livelihood recovery consumption coupons.
The number of employed youth aged 15 to 29 decreased by 143,000, continuing the decline for 46 months. The extent of decline appears to have been reduced.
The youth employment rate fell by 1.0 percentage point (p) to 44.1%. It has been falling for 28 consecutive months.
The total number of unemployed people was 588,000, a decrease of 4,000 from the same month last year. The unemployment rate was 2.0%, the same as a year ago.
The economically inactive population increased by 77,000 to 16,297,000, but the 'inactive' population decreased by 89,000.
Open Questions
- When will the youth employment crisis end?
- What are the structural causes of the construction and manufacturing industry’s slump?
- How long will the base effect in the lodging and restaurant industry last?
