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By Kang Yoon-seung
SEOUL, Sept. 13 (Yonhap) — The number of employed people in South Korea increased in August after dropping for four consecutive months, with senior citizens leading the growth, according to data released Wednesday.
The number of employed people reached 28.67 million in August, a 268,000 increase compared to the same period last year, according to the data compiled by Statistics Korea.
The unemployment rate dropped 0.1 percentage point to 2 percent in August, while the number of unemployed people decreased by 41,000 year-on-year to 573,000, the lowest level since records began.
The growth was mainly driven by increased demand for caretaking services and outdoor activities. July’s decline was attributed to heavy rainfall.
Seniors aged 60 and above saw the largest job gains, with 304,000 new positions created. The number of employed people in their 50s and 30s also rose 73,000 and 64,000, respectively.
Excluding those aged 60 and above, however, the country lost 36,000 jobs year-on-year in August.
The welfare and social service sector added 138,000 jobs and the accommodation and restaurant sector saw an increase of 121,000 as people returned to pre-pandemic activities. The science and technology sector also added 57,000 new jobs.
The manufacturing industry lost 69,000 jobs, and the wholesale and retail sector saw a decrease of 69,000 positions.
The employment-to-population ratio of South Koreans aged 15-64 edged up 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, which may have helped to support the job market.
The Ministry of Economy and Finance anticipated the job market will remain solid on the back of the service sector, supported by the resumption of China’s group tours to South Korea.
“However, despite signs of an economic recovery, we need to remain vigilant about the sluggish trend in the manufacturing and construction segment,” the Ministry of Economy and Finance said.
An official from Statistics Korea holds a briefing on South Korea's monthly jobs data in the central city of Sejong on Sept. 13, 2023. (Yonhap)
High school students participate in a job fair in southern Seoul on Sept. 7, 2023. (Yonhap)
colin@yna.co.kr
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