Earlier in September, the number of employed persons in South Korea increased by 144,000 compared to the same period last year, marking the third consecutive month of increases in the 100,000 range. This rise, slightly larger than the previous month, brings the total number of employed persons to 28,842,000. The unemployment rate fell by 0.2 percentage points to a record low of 2.1%, the lowest for September since the change in statistical standards in June 1999.
The employment rate for those aged 15 and overreached 63.3%, the highest level for September since monthly statistics began in 1982. For those aged 15-64, the employment rate was 69.9%, the highest for September since related statistics began in 1989. However, the employment rate for young people (aged 15-29) decreased by 0.7 percentage points to 45.8%.
By age group, the number of employed persons aged 60 and over increased by 272,000, those in their 30s by 77,000, and those in their 50s by 25,000 compared to the same month last year. Conversely, the number of employed persons in their 20s decreased by 150,000, and those in their 40s by 62,000. Notably, the number of employed persons in their 20s and 40s has been decreasing for 23 and 27 consecutive months, respectively.
Employment trends varied significantly across different industries. Employment in information and communications increased by 105,000 (10.1%), professional, scientific, and technical services by 83,000 (6.1%), and transportation and warehousing by 79,000 (4.8%). On the other hand, employment in wholesale and retail trade decreased by 104,000 (-3.2%), construction by 100,000 (-4.6%), and manufacturing by 49,000 (-1.1%).
Seo Un-joo, director of the Social Statistics Bureau at Statistics Korea, explained the sector-specific trends, “The construction sector has been decreasing for five consecutive months with an increasing magnitude, mainly due to the impact of the construction market, leading to a decrease in comprehensive construction. Employment in wholesale and retail trade has also been decreasing for seven consecutive months, primarily due to the increase in e-commerce, unmanned stores, and self-checkout systems.”
The number of unemployed persons in September was 622,000, a decrease of 39,000 (-5.9%) from a year ago. Both the number of unemployed persons and the unemployment rate were the lowest for September since the change in statistical standards in June 1999. However, the economically inactive population rose by 54,000 (0.3%) to 16,215,000. Among this group, the number of people who were “resting” increased by 231,000 (10.3%) compared to the same month last year, with significant increases seen across all age groups except for those in their 40s.
The current employment landscape in South Korea reflects a complex interplay of demographic shifts, sector-specific trends, and broader economic forces. While the overall employment rate has reached historic highs, certain age groups and industries continue to face challenges. The rise in the economically inactive population, particularly those who are “resting,” underscores the need for targeted policies to address these disparities and support sustainable employment growth across all sectors and demographics. – BusinessKorea.com
