Unemployed 1,138,000... Largest Since 21 Years for July (Update)

Statistics Korea, July Employment Trends

Unemployment Rate 4.0%... Highest Since July 1999 for July
Employed Persons Down by 277,000... Decrease for 5 Consecutive Months

[Asia Economy Reporters Kim Hyunjung, Joo Sangdon] The number of unemployed persons last month approached 1.14 million, marking the highest level in 21 years.

According to the July employment trends released by Statistics Korea on the 12th, the number of unemployed persons was 1,138,000, an increase of 41,000 (3.7%) compared to the same month last year. The number of unemployed persons is the highest in 21 years since July 1999 (1,476,000).

The unemployment rate was 4.0%, up 0.1 percentage points from the same month last year. This is also the highest level for July since July 1999 (6.7%).

On the other hand, the number of employed persons continued to decline for the fifth consecutive month. The number of employed persons aged 15 and over was 27,106,000, down 277,000 (-1.0%) compared to the same month last year. It has been decreasing for five months since March this year (-195,000).

The employment rate was 60.5%, down 1.0 percentage point from the same month last year. The employment rate for ages 15-64 (OECD comparison standard) was 66.0%, down 1.1 percentage points.

By age group, employed persons decreased in all groups except those aged 60 and over (379,000). The decreases were 170,000 in their 30s, 165,000 in their 20s, 164,000 in their 40s, and 126,000 in their 50s.

By industry, increases were seen in health and social welfare services (161,000; 7.2%), transportation and warehousing (58,000; 4.1%), and business facility management, business support, and rental services (44,000; 3.4%). Decreases occurred in accommodation and food services (-225,000; -9.5%), wholesale and retail trade (-127,000; -3.5%), and education services (-89,000; -4.6%).

The economically inactive population was 16,551,000, an increase of 502,000 (3.1%) compared to the same month last year. Increases were seen in those resting (225,000; 10.8%) and household work (218,000; 3.8%). The resting population totaled 2,319,000, the highest for July since records began in January 2003.

Jung Dongmyung, Director of the Social Statistics Bureau at Statistics Korea, said, "The July employment trends showed a generally similar pattern to June, with decreases in employed persons and increases in unemployed and economically inactive populations." He added, "This is due to continued restraint on gatherings and outings to prevent the spread of COVID-19, a sharp decline in tourist inflow, which led to decreases in employment in accommodation, food services, wholesale and retail trade, and education services."

This content was produced with the assistance of AI translation services.