The number of employed people increased by 184,000 in August... Youth employment cold wave continues

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.

However, the cold wave in youth employment continued, and the lodging and restaurant industry related to domestic demand turned into a decline.

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%. This is the highest level as of August since monthly statistics were compiled in 1982.

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.

Agriculture, forestry and fishing also decreased by 109,000.

On the other hand, there was an increase in health and social welfare industries (186,000 people), arts, sports and leisure industries (73,000 people), and business facilities industries (45,000 people).

By age group, 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.

Bin Hyun-joon, director of Social Statistics at the Data Center, said, “Although the arts and sports industries have increased, the number of young people employed has decreased due to a decline in industries where jobs suitable for young people are concentrated, such as the information and communication industry and manufacturing.”

The youth unemployment rate rose 0.5 percentage points to 5.4%. As of August, it was the highest in four years since 2022 (5.4%).

Director Bin explained, "As the employment rate (for youth) continues to decline, the number of applicants for the civil service exam during the survey period has increased compared to the past for level 7 applications for police and local positions. The unemployment rate has risen due to the expansion of public sector recruitment and an increase in the number of new job openings."

If you are not working but actively seeking employment, you are classified as unemployed.

The youth economic activity participation rate fell 0.8 percentage points to 46.6%. As of August, it is the lowest in six years since 2020 (46.4%).

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.

The population of young people who rested decreased by 51,000 people. Data Center's analysis is that people are gradually moving into unemployment while seeking employment.