According to data released by South Korea's Department of Statistics on Wednesday, 171,000 people aged 15 years or older were employed in July, bringing the total number of employed people to 29,929,000.
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As employment opportunities for older people increase in South Korea, the employment rate has risen for seven consecutive months.
According to data released by South Korea's Department of Statistics on Wednesday, 171,000 people aged 15 years or older were employed in July, bringing the total number of employed people to 29,929,000. This is 0.6 percent more than the same month last year.
However, compared to the month of June, this growth rate seems to have slowed down a bit. The main contributor to July's employment growth was those aged 60 and over, with an increase of 342,000. Likewise, 93,000 people in the age group of 30 years have got employment. However, 158,000 people in the age group of 15-29 years have lost their jobs, and 56,000 and 49,000 people in their 40s and 50s have lost their jobs, respectively.
The number of people employed in the industry fell by 78,000, which is the 13th consecutive month of decline. The main reason for this situation is considered to be the recession of the domestic market and the negative impact of the US tax.
92,000 jobs have been lost in the construction sector, resulting in a decline in this sector for 15 consecutive months. Similarly, 263,000 jobs in the health and social services sector, 91,000 in the science and technology sector and 38,000 in the finance and insurance sector have increased.
Among the self-employed people, the number of employees has decreased by 25,000, while the number of self-employed persons has decreased by 41,000.
The employment rate of 15 years and above has increased by 0.1 percent to 63.4 percent, while the employment rate of the 15-64 age group has increased by 0.4 percent to 70.2 percent, according to OECD methodology.
In the month of July, the number of unemployed decreased by 11,000 to 7,26,000. According to this, the unemployment rate decreased by 0.1 percent to 2.4 percent.
The population that is not economically active (those who have not shown the desire to find employment) has increased by eight thousand to 16 million four thousand.
The number of discouraged people who lost hope of finding employment increased by 15 thousand to three 96 thousand have reached.
