South Korea’s labor market rebounded in July, seeing more than 100-thousand more people in employment than in the same month the previous year.
But employment in the construction and manufacturing sectors tumbled.
Our Lee Soo-jin explains.
South Korea saw the on-year growth in jobs increase by more than 100-thousand for the first time in three months in July.
Data released by Statistics Korea on Wednesday shows that there were 28-point-8 million people in employment last month,.. up 1-hundred-72 thousand from the previous year.
This comes after the on-year job growth was below 100-thousand for both May and June.
The rate of employment for people aged 15 and above rose by point-1 percentage points on-year to 63-point-3 percent, which is the highest figure for any month of July on record.
And July’s unemployment rate stood at 2-point-5 percent, point-2 percentage points lower compared to the same month last year.
But the rise in the job market was mainly driven by those aged 60 and above, with 278-thousand more people in that age group in jobs in July compared to last year.
On the other hand, for those between 15 and 29 years old, employment fell by 149-thousand on-year.
And despite the overall growth, in terms of job sectors, employment figures in the construction sector fell by a whopping 81-thousand.
This marks the largest on-year drop for the month of July since 2013.
“There has been a downward trend for about three months, and the decline has widened. The extreme heat and heavy rain as well as a greater decline in specialized construction contracts have all contributed to the overall decline in the construction sector.”
And employment in the manufacturing sector, which had been seeing an upward trend, also fell by 11-thousand in July, with the largest drop seen in those aged 40 and below.
During a job task force meeting on Wednesday, the first vice finance minister acknowledged that while overall employment figures were positive, pan-governmental efforts are needed to address the sluggish employment figures in sectors such as construction as well as among young people.
He announced that measures, including livelihood assistance and job training, will be strengthened and that pilot programs for youth employment that include connecting college students to alumni will be carried out starting this month.
Lee Soo-jin, Arirang News.
source : https://www.arirang.com/news/view?id=274676
