Employment in Feb. up by 136,000, construction sector sees decline for 10 consecutive months

Fresh employment data for the month of February remained robust, but when taking a closer look, it wasn't the case for the employment of younger people, with the rate having recorded the sharpest decline in about 4 years.

Moon Ji-young covers the latest findings.

The number of people in employment grew by 136-thousand last month, marking two consecutive months of growth. However, the employment of young people remains sluggish.

According to data released by Statistics Korea on Wednesday, the number of people employed last month increased by over 130-thousand compared to the same month the previous year, bringing the total to 28-point-1 million.

In terms of individual sectors, the manufacturing sector has experienced eight consecutive months of decline since last July.

The construction sector saw employment shrink for the tenth consecutive month compared to the previous year, primarily due to a downturn in the construction industry.

However, the healthcare and social assistance, science and technology services, and ICT sectors all added jobs.

Employment rose by point two percentage points for those aged between 15 to 64. However, the employment rate for those aged 15 to 29 recorded the sharpest decline since January 2021, dropping by one point seven percentage points to 44-point-3 percent.

"The unemployment rate remained at 3-point-2 percent compared to last month. The number of unemployed individuals rose by 25-thousand to 940-thousand year-on-year."

The number of people unemployed aged between 15 and 29 increased by five thousand, with the unemployment rate for this group recorded at 7 percent.

The number of people choosing not to work aged between 15 and 29 was recorded at 504-thousand, surpassing the 500-thousand mark for the first time since statistics began being collected in 2003.

At a ministerial economic meeting on Wednesday, the government pledged to improve labor market conditions through a first quarter livelihood and economic support plan.

It also vowed to create high-value-added jobs in emerging industries, including AI, and to enhance working conditions for researchers in the semiconductor sector.

Moon Ji-young, Arirang News.