Seoul [South Korea], October 18 (ANI): South Korea saw the largest increase in jobs in 19 months, adding more than 300,000 jobs in September, helped by growing demand for accommodation and other services, reported the Pulse, the English service of Maeil Business Newspaper Korea.
According to the Ministry of Data and Statistics on Friday, the number of employed people stood at 29.15 million in September, up 312,000 from a year earlier.
This was the largest increase since February last year, when the figure rose by 329,000.
The pace of job growth has hovered around 100,000 per month this year, except for May, when the number climbed by 245,000.
Employment gains were most pronounced in service-related industries, with the ministry noting that the government’s livelihood recovery consumption coupon program, implemented in July, contributed in part to this trend.
Korea added 28,000 jobs in wholesale and retail trade, the largest jump in 7 years and 10 months since November 2017 when it was up 46,000.
The accommodation and food service sector added 26,000 jobs, the biggest gain since a 56,000 increase in March.
The number of jobs in arts, sports, and leisure also rose sharply by 75,000, while business facility services employment saw an increase of 19,000, turning positive for the first time in 22 months.
Meanwhile, employment in manufacturing and construction remained sluggish due to factors such as U.S. tariff policies and a construction downturn.
Employment in manufacturing fell by 61,000, marking a 15th consecutive month of decline, while construction shed 84,000 jobs.
Employment in agriculture, forestry, and fisheries dropped by 146,000, the steepest decline in nearly 10 years since November 2015, when it fell by 172,000, reflecting a structural decline in the sector and unfavorable weather conditions.
Job gains were concentrated among people in their 30s (up 133,000) and those aged 60 and older (up 381,000).
Those in their 30s saw the largest increase in jobs since July 2000, when it rose by 141,000.
The number of employed fell in other age groups, with the youth population aged 15 to 29 showing the steepest drop of 146,000.
The number of self-employed with employees rose by 30,000, marking a turnaround after 12 months of decline.
In contrast, self-employed people without employees decreased by 85,000, the largest drop since July last year, when it was down 110,000.
Daily workers increased by 2,000, the first rise in two years, while regular and temporary employees grew by 340,000 and 44,000, respectively.
“Employment in business facility services, wholesale and retail trade, and accommodation and food service industries turned upward in September, leading to an overall increase of more than 300,000 jobs,” said Kong Mi-sook, a senior official at the ministry. “This appears to be influenced by the government’s issuance of consumption and cultural coupons.”
The employment rate for people aged 15 and older was 63.7 per cent, the highest for September since monthly data began in July 1982.
The employment rate for those aged 15 to 64, the benchmark used for comparison with the Organisation for Economic Co-operation and Development (OECD), stood at 70.4 per cent.
The youth employment rate for those aged 15 to 29 fell 0.7 percentage point from a year earlier to 45.1 per cent, extending its decline for a 17th consecutive month.
The number of unemployed people increased by 12,000 to 635,000, mainly among those in their 30s to 50s.
The jobless rate remained unchanged from last year at 2.1 per cent, while the youth unemployment rate fell 0.3 percentage point to 4.8 per cent.
The economically inactive population stood at 16.01 million, down 116,000 from a year earlier – the sharpest decrease since April last year when it fell 174,000. (ANI)
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