In July 2024, the employment rate for those aged 15 and above reached 63.3% (+0.1%p), marking the highest level for 30 consecutive months. Meanwhile, the unemployment rate recorded a historic low of 2.5% (a decrease of 0.2 %p).
* Employment indicators for July (2023→2024, %): 63.2 → 63.3
2.7 → 2.5
The growth in the number of employed persons also surged compared to that of the previous month, reaching a double-digit growth (172,000). This indicates a strengthening in the employment growth trend compared to May and June.
* Change in employment growth, 2024 (year-on-year, ten thousand): (Jan) +38.0 (Feb) +32.9 (Mar) +17.3 (Apr) +26.1 (May) +8.0 (Jun) +9.6 (Jul) +17.2
By industry, job growth in the service sector significantly expanded (+183,000 to +286,000), leading the overall employment growth. Notably, the education services sector saw a turnaround with employment rising from a decrease of 63,000 to an increase of 2,000; the information and communication sector (+75,000 to +82,000) and the transportation and storage sector (+47,000 to +65,000) also experienced larger increases. On the other hand, employment in construction (-81,000), manufacturing (-11,000), and agriculture, forestry, and fishing (-26,000) sectors fell.
By employment type, the number of full-time workers climbed up by 96,000, and the number of temporary workers rose by 227,000. The decline in non-wage workers reduced compared to that of the previous month (-127,000 to -80,000).
By age group, employment rates moved up across most age groups, including those in their 30s, 40s, and older adults. Although the employment rate for young people (46.5%) fell by -0.5%p from a year ago, the employment rate for those in their late 20s (72.4%) increased by 0.2 %p, reversing its downward trend after three months and reached an all-time high.
The government plans to shore up efforts to boost domestic demand and enhance job support tailored to vulnerable sectors in order to spread the export-driven economic recovery to employment and people’s livelihoods. The ‘Support Package for Small Business Owners’ and ‘Measures to Expand Housing Supply’ (August 8) will be swiftly carried out and the ‘Construction Cost Stabilization Plan’ will be developed by September. Along with the efforts to resolve the unmet demand for construction jobs, the government will be committed to enhancing job transition and livelihood support by providing tailored on-site employment services for construction day laborers and strengthening training support equivalent to that for special employment support industries. Also, a pilot program of the ‘Youth Employment All-Care Platform’ will start on August 16, offering job services to unemployed graduates. Going forward, the government will continue to meticulously review employment conditions for each sector and demographic group through a cross-ministerial job task force and actively seek additional support tools as needed.
Please refer to the attached files.
