S. Korea adds 184,000 jobs in Aug., highest number in 5 months

Korea reported a significant increase of 184,000 jobs in August from the previous year, marking the highest number of job additions in five months according to government data released on Wednesday. The total number of employed individuals reached 29.15 million, up from 28.97 million the year before. This surge in employment follows three consecutive months of gains, despite the sluggish manufacturing sector.

The jobless rate remained at 2%, unchanged from the previous year, with the number of unemployed people decreasing to 588,000 from 592,000 the previous year. However, the employment rate for individuals aged 15 to 29 declined by 1 percentage point to 44.1%, marking the 28th consecutive month of decline. By sector, the manufacturing, agriculture, forestry and fisheries, construction, and accommodation and restaurant sectors all experienced job losses, with healthcare and social welfare adding 186,000 jobs and arts, sports and recreation services adding 73,000 jobs.

Bin Hyun-joon, a senior statistics official, noted that declining job growth in sectors popular among young people contributed to the overall decline in employment for this age group. The number of economically inactive individuals rose by 77,000 to 16.29 million, while those merely resting decreased by 89,000 to 2.55 million, as more of them began searching for work.