Youth Employment Dropped by 190,000

The number of employed people between 15 and 29 fell by as many as 193,000 last year.

The number of those employed fell by 30,000 while 69,000 people lost their jobs in 2003.

According to a report released by the Korea National Statistical Office (KNSO) on Thursday, the number of people with jobs was 22.139 million in 2003, down 30,000 from the previous year. It is the first decline in five years since the financial crisis hit Korea in 1998.

In terms of those with a job, the number fell by 41,000 for those between 15 and 19, 152,000 in their 20s, and 26,000 in their 30s. Among those aged 60 or older, the figure declined by 62,000. There was a rise, however, in the number of employed in their 40s and 50s, with 175,000 and 75,000 respectively.

As for the employment by industries, 146,000 jobs disappeared in the wholesale and retail industry and the food and accommodation industry combined, 119,000 in the industry of agriculture, forestry and fishery, and 36,000 in the manufacturing sector. In the construction industry, 70,000 new jobs were created and 199,000 in the public and service sectors.

The unemployment rate rose 0.3 percentage point to 3.4 percent. The number of unemployed persons increased by 69,000 last year for the first time since 1998.

“Though the Korea economy grew by an estimated three percent last year, the number of jobs dropped due to sluggish domestic-demand industries and small and medium-sized companies,” a KNSO official said.

Kwang-Hyun Kim kkh@donga.com