Employment Rises for Fourth Straight Month by 100,000, but Young People Still Left Out in the Cold

October employment grew by more than 100,000 for the fourth consecutive month, but jobs for young people have been shrinking for four years, highlighting a stark divide.

According to employment figures released Monday by the National Data Agency (the government body that manages statistics), the number of employed people stood at about 29.18 million last month, up 139,000 from a year earlier. Employment fell by 40,000 in May this year before turning around in June, and has grown by more than 100,000 every month since July.

Employment in the lodging and restaurant sectors fell by 137,000, or 2.5 percent — the third straight monthly decline and the steepest drop since February 2021, during the COVID-19 period. Bin Hyun-jun, head of the agency's Social Statistics Bureau, explained: "Employment in lodging and restaurants grew substantially last year thanks to the distribution of consumption coupons, but that factor was absent this year."

By industry, hiring rose in health and social welfare, transport and warehousing, and business facilities. Manufacturing, however, shed 7,000 jobs to slip back into negative territory, while construction lost 42,000 jobs, extending its slump to a 30th straight month.

Employment among 15-to-29-year-olds fell by 196,000, marking 48 consecutive months of decline. The youth employment rate fell 1.7 percentage points to 42.9 percent, its lowest level since October 2020. Bin attributed the trend to "a culture favoring experienced hires in recruitment, along with the spread of rolling hiring practices, which continues to weigh disproportionately on young job seekers."

Exports and production are growing, driven mainly by the semiconductor industry. But weakness in domestic-demand sectors and the continued decline in youth employment persist.