South Korea added 108,000 new jobs in July, with the youth unemployment rate jumping to 6.8%. The number of employed youth has decreased for 45 consecutive months.

BlockBeats News, August 12th - Today, the Korean Statistical Office announced that the number of employed persons in July increased by 108,000 year-on-year to 29.13 million, marking a second consecutive month of positive growth following a 63,000 increase in June. In May, there was a decline for the first time in 17 months (a decrease of 40,000 people). The unemployment rate increased by 0.2 percentage points year-on-year to 2.6%, with the number of unemployed persons rising by 50,000 to 776,000. The overall employment rate edged down by 0.1 percentage point to 63.3% for the fourth consecutive month; however, the employment rate for those aged 15 to 64 increased by 0.1 percentage point year-on-year to 70.3%.

The differentiation in the Korean employment structure continues to intensify. Employment in the manufacturing sector decreased by 68,000 year-on-year, shrinking for the 25th consecutive month, but the decline narrowed compared to the 97,000 decrease in June. The construction industry reduced by 57,000 employees for the 27th consecutive month, and the agriculture, forestry, and fisheries sector decreased by 80,000 persons. Growth was mainly concentrated in the healthcare and social welfare services, adding 173,000 jobs; public administration, adding 46,000 jobs driven by civil service exams, taxation, interns, and other recruitment positions; and arts, sports, and leisure services, adding 48,000 jobs.

The employment situation for Korean youth is particularly severe, with employment for those aged 15 to 29 plummeting by 191,000 year-on-year, declining for the 45th consecutive month. The employment rate in this age group decreased by 1.6 percentage points year-on-year to 44.2%, falling for the 27th consecutive month, while the unemployment rate surged by 1.3 percentage points to 6.8%, marking the largest year-on-year increase in over five years.

On the other hand, the employment rate for Koreans aged 65 and above increased by 0.8 percentage points year-on-year to 41.5%. The economically inactive population increased by 99,000 year-on-year to 16.1 million, but the "purely resting" population decreased by 62,000 to 2.51 million. The Korean Ministry of Economy and Finance pointed out that factors such as the Middle East tension, heatwaves, and adverse weather have created downward pressure on the job market, pledging to stabilize employment growth momentum through inter-departmental collaboration.