In February 2024, both the employment rate for those aged 15 and above (61.6%) and the employment rate for those aged 15 to 64 (68.7%), as well as the labor force participation rate (63.6%), all hit a record high for the month of February. Moreover, employment and labor force participation rates increased across all age groups, from youth to middle-aged and elderly populations.

Despite the high baseline figures in 2022 (+1,037,000) and 2023 (+312,000), the number of employed persons continued to rise, with gains seen in the service sector (+279,000), construction sector (+36,000), and manufacturing sector (+38,000). This marks the second consecutive month of growth exceeding 300,000, and seasonally adjusted employment figures have also shown steady growth for three consecutive months compared to the previous month, indicating a robust employment trend.

While the youth population decreased (-218,000), leading to a decline in the number of employed youth (-61,000), the youth employment rate (46.0%, +0.5%p) reached an all-time high for February, and the youth unemployment rate (6.5%, -0.5%p) also hit a record low for February.

The labor market is expected to continue its positive momentum in line with the economic recovery driven by export improvements. However, as potential risks still remain such as the slowdown in construction employment due to sluggish construction orders, the government will stay vigilant and focus its policy efforts to create high-quality jobs led by the private sector.

Please refer to the attached files.