Korea’s Employment Growth Stagnating

The growth rate of the number of those who landed a job for last month stood at 1.1 percent, the lowest of the year.

According to the job report for July released on Wednesday by the National Statistical Office, the number of people who got employed for July was stuck at 23,447,000, up 263,000 or 1.1 percent from the same period of the previous year. The number for June was also a mere 1.1 percent.

The increase margin compared to the same month last year dropped to the range of 200,000 in May (286,000) for the first time, to 255,000 in June, and was again in the same range for the third month in a row.

This translates into a monthly growth of the employed for the first seven month of the year of 304,000, a figure way below the target annual goal of 350,000 of the government.

When looked at on an industry-by-industry basis, the number of people who work in manufacturing was 41.8 million, down 53,000 or 1.2 percent from the same period the previous year.

The figure in construction was 1.851 million, down 19,000 or 1.0 percent compared to last year, reflecting a recent slowdown in the sector.

The number of micro self-employed people, or those who are employed in wholesale, retail and food and accommodation industries was 5.806 million, a 34,000 or 0.6 percent decrease.

The report also showed the continuing hardship of youth in landing a job.

The number of people in their 20s who got employed decreased 152,000 or 3.5 percent, and the number of those in their teens dropped 36,000 or 11.6 percent compared to the same period the previous year. But the 30-something or over group showed a modest increase.

smhong@donga.com