Highest employment rate for September in 23 years with 348,000 new jobs added
- 5 years ago
Amid Korea's slumping domestic economy... the employment figures for September showed a brighter picture for jobseekers for the second month in a row.
But the number of employed people in their 30s and 40s continues to decline.
Hong Yoo has the numbers.
The employment rate last month was the highest for the month of September in 23 years.
But looking at employment by age group, people in their 30s and 40s still saw their number of jobs fall for the 24th consecutive month, while more people in their 20s, 50s, and 60s found jobs.
According to Statistics Korea, the number of people employed was more than 27-point-4 million, with 348-thousand new jobs added on-year.
But looking at employment by industry, the manufacturing sector continued to see job creation fall for the 18th consecutive month, down 111-thousand jobs on-year.
"Jobs in manufacturing will continue to fall due to its loss of competitiveness. The same goes for the wholesale and retail industries with more people turning towards mobile and online shopping rather than offline shopping."
The expert added that because the fall in manufacturing jobs contributed to the fall in employment for people in their 30s and 40s, the job losses for these people are not likely to be recovered any time soon.
Meanwhile, the unemployment rate was the lowest in 5 years for the month of September at 3-point-1 percent.
That is a 0-point-5 percentage point drop on-year.
At a macro-economic finance meeting on Wednesday, the first vice finance minister Kim Yong-beom said that there has been an improvement in both the quantity and quality of employment, but uncertainties in the internal and external environment remain.
Employees above 65 years old increased remarkably to 231 thousand, but so has the elderly population.
Kim pointed out that structural factors such as population growth slow down are hampering job growth.
The government plans to make efforts to implement policies aimed at boosting the economy while steadily pushing for structural reforms to counter mid- to long-term risks.
Hong Yoo, Arirang News.
But the number of employed people in their 30s and 40s continues to decline.
Hong Yoo has the numbers.
The employment rate last month was the highest for the month of September in 23 years.
But looking at employment by age group, people in their 30s and 40s still saw their number of jobs fall for the 24th consecutive month, while more people in their 20s, 50s, and 60s found jobs.
According to Statistics Korea, the number of people employed was more than 27-point-4 million, with 348-thousand new jobs added on-year.
But looking at employment by industry, the manufacturing sector continued to see job creation fall for the 18th consecutive month, down 111-thousand jobs on-year.
"Jobs in manufacturing will continue to fall due to its loss of competitiveness. The same goes for the wholesale and retail industries with more people turning towards mobile and online shopping rather than offline shopping."
The expert added that because the fall in manufacturing jobs contributed to the fall in employment for people in their 30s and 40s, the job losses for these people are not likely to be recovered any time soon.
Meanwhile, the unemployment rate was the lowest in 5 years for the month of September at 3-point-1 percent.
That is a 0-point-5 percentage point drop on-year.
At a macro-economic finance meeting on Wednesday, the first vice finance minister Kim Yong-beom said that there has been an improvement in both the quantity and quality of employment, but uncertainties in the internal and external environment remain.
Employees above 65 years old increased remarkably to 231 thousand, but so has the elderly population.
Kim pointed out that structural factors such as population growth slow down are hampering job growth.
The government plans to make efforts to implement policies aimed at boosting the economy while steadily pushing for structural reforms to counter mid- to long-term risks.
Hong Yoo, Arirang News.