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By Kang Yoon-seung
SEOUL, Sept. 13 (Yonhap) — After dropping for four months in a row, South Korea’s employment rate saw an increase in August, though the growth was largely driven by seniors, data revealed Wednesday.
The total number of employed people in the country was 28.67 million last month, a rise of 268,000 from the same period last year, according to Statistics Korea.
In July, the nation had added 211,000 jobs year-on-year, the lowest in 29 months. The monthly job additions had been slowing since April.
The unemployment rate for August was 2 percent, a decrease of 0.1 percentage point compared to the previous month. The number of unemployed people came to 573,000, a decrease of 41,000 from the same period in 2023.
“The growth was mainly due to increased demand for care-taking services, as well as more people engaging in outdoor activities,” an official from the agency said, adding that the slowdown in July was mainly caused by heavy rainfall.
Those aged 60 and above had the highest job growth, with 304,000 new jobs added year-on-year. People in their 50s and 30s also saw an increase of 73,000 and 64,000 positions, respectively.
Excluding those aged 60 and above, however, the nation lost 36,000 jobs year-on-year in August.
The welfare and social service sector saw the most growth, with 138,000 new jobs added, followed by the accommodation and restaurant sector with 121,000 new jobs as people returned to pre-pandemic activities. The science and technology sector also added 57,000 new jobs.
At the same time, the wholesale and retail sector shed 69,000 jobs, and the manufacturing industry lost 69,000 positions. The manufacturing sector has seen its on-year job additions slow for eight consecutive months.
The employment-to-population ratio of South Koreans aged 15-64 rose 0.7 percentage point to 69.6 percent.
The Bank of Korea held its key interest rate steady at 3.5 percent last month for the fifth consecutive time as it weighed a slowdown in growth against moderating inflation. The rate freeze follows seven consecutive rate hikes from April 2022 to January 2023, which typically reduces employment as businesses and households cut their spending.
High school students participate in a job fair in southern Seoul on Sept. 7, 2023. (Yonhap)
colin@yna.co.kr
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