No. of people employed recorded lowest on-year climb in five months in June


The Korean government has released the employment
rate for June… an important barometer of whether the local economy is on a solid recovery
path. Unfortunately,… the figures don’t make pretty
reading. Kim Ji-yeon reports. Job figures for the month of June are gloomy
to say the least. The number of people in Korea’s workforce
was up 310-thousand in June compared to the same month last year… the lowest on-year
climb in five months. Statistics Korea says the number of people
employed rose in general in June except for those in their early 20s… with the employment
rate at 61-point-four percent… while the unemployment rate for June stood at three-point-eight
percent. The youth unemployment rate of 10-point-5-percent
for June was the highest recorded for the month since 1999. The real unemployment rate felt by 15 to 29
year olds has risen to a record-high in June… at over 23-percent… up nearly 2-percentage-points
from the same period last year. The statistics agency attributed this to the
shrinking number of jobs young people prefer, particularly in sectors related to science
and technology. By sector, the number of people employed in
food and lodging decreased for the first time since December 2011, inching down by 1-point-7-percent
on-year in June… to below the levels recorded in 2015 when the country suffered from the
MERS outbreak. Luckily, employment in the manufacturing sector
has risen for the first time in a year by zero-point-4-percent in June… largely due
to a rise in exports… and because of a base effect as figures were unusually low due to
a recession last year. Meanwhile, the number of people not included
in the workforce due to childcare or education decreased by 24-thousand in June from the
previous year… while the number of people giving up employment
rose by 29-thousand on-year to 449-thousand. The number of self-employed has also risen
by more than 41-thousand, continuing its 11-month increase. Kim Ji-yeon, Arirang News.

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