Employment Increased by 301,000 in 2019... Employment Rate Highest in 22 Years (Update)

by Lee Kwangho

Published 15 Jan.2020 08:14(KST)

Updated 15 Jan.2020 08:45(KST)

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[Asia Economy Reporter Kwangho Lee] The number of employed people increased by more than 300,000 last year. The employment rate for those aged 15 and over reached its highest level in 22 years. However, the employment situation for people in their 40s, the backbone of the labor market, was not favorable.

According to the 'December 2019 and Annual Employment Trends' released by Statistics Korea on the 15th, the number of employed people last year was 27,123,000, an increase of 301,000 compared to the previous year. This is a significant increase compared to 2018, which showed the worst level (97,000).

The employment rate for those aged 15 to 64, the OECD comparison standard, was 66.8%, up 0.2 percentage points from a year earlier. Although it declined in the 40s age group, it rose in the 20s, 30s, and 50s and above age groups.

The number of employed people in their 40s decreased by 162,000, while those aged 60 and over increased by 377,000.

The number of unemployed people was 1,063,000, down 10,000 from a year earlier.

The unemployment rate, which is the proportion of unemployed people among the economically active population, was 3.8%, the same as a year earlier.

During the same period, the youth (aged 15 to 29) unemployment rate was 8.9%, down 0.6 percentage points from a year earlier.

Looking at employment changes by industry, manufacturing decreased by 81,000 (-1.8%). Wholesale and retail trade (-60,000, -1.6%) and finance and insurance (-40,000, -4.7%) also declined.

On the other hand, health and social welfare services (160,000, 7.8%), accommodation and food services (61,000, 2.7%), and professional scientific and technical services (60,000, 5.5%) increased.

Meanwhile, the number of employed people in December last year was 27,154,000, an increase of 516,000 compared to a year earlier. More than 90% of the increased employed people, 479,000, came from jobs for the elderly aged 60 and over.