Employment Recovery Remains Weak: Number of Young Employed People Falls for 44 Consecutive Months

[Economy 365]

The number of employed people increased by 63,000 last month compared to the previous year, returning to a growth trend after one month.

However, the recovery in employment remains limited.

The employment rate for those aged 15 and older fell by 0.2 percentage points to 63.4%, marking a decline for the third consecutive month, while the economic participation rate also dropped to 65.2%, falling for the third straight month.

In particular, the number of employed young people decreased by 197,000, marking 44 consecutive months of decline, and the youth employment rate also fell to 43.9%, declining for the 26th consecutive month.

By industry, the number of employed people in the manufacturing sector fell by 97,000, continuing a 24-month downward trend, and the construction sector also saw a decrease of 67,000, marking 26 consecutive months of decline.

On the other hand, some service sectors, such as accommodation and food services, as well as transportation and warehousing, saw an increase in the number of employed people.

The government stated that employment sluggishness continues, particularly among the youth and in the manufacturing and construction sectors, and announced plans to prepare measures for youth job recovery and industry-specific support during the third quarter.

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