In August 2024, the employment rate for those aged 15 and above reached 63.2 % (+0.1%p), and labor force participation rates reached 64.4% (+0.0%p), both recording the highest level ever. Meanwhile, the unemployment rate saw a historic low of 1.9% (-0.1 %p).

* Employment Indicators for August (2023→2024, %):  Employment rate:  63.1 → 63.2      Labor force participation rate:  64.4 → 64.4        Unemployment rate:  2.0 → 1.9

The growth in the number of employed persons surged by 123 thousand compared to the same period last year, and seasonally adjusted employment figures also rose from a month ago for the third consecutive month (June: 2,000 → July: 19,000 → August: 14,000).

* Change in employment growth, 2024 (year-on-year, ten thousand): (Q1, 2024) +29.4  (Apr) +26.1  (May) +8.0 (Jun) +9.6  (Jul) +17.2  (Aug) +12.3

By age group, employment rates moved up across most age groups, including those in their 30s, 40s, and older adults. Although the youth employment rate fell (-0.3%p) to 46.7% from a year ago, the employment rate for late 20s, a key working-age group, continued to rise (+0.5%p) to 73.0%, marking an all-time high for the second consecutive month. The youth unemployment rate declined (-0.4%p) to 4.1% and the unemployment rate for late 20s fell (-1.2%p) to 3.9%, both marking the lowest level on record.

While key employment indicators such as the employment rate, labor force participation rate, and unemployment rate remain positive, challenges persist, including a decrease in the construction employment and the self-employed, and lingering difficulties faced by young job seekers. In response, much endeavors will be made to closely monitor employment conditions for each industry and demographic group, while strengthening efforts to create quality jobs and provide tailored support for vulnerable sectors. The government will also promptly implement major policy initiatives to boost domestic demand, such as the ‘Livelihood Stabilization Measures ahead of Chuseok’ announced on August 28. In addition, a second round of social mobility enhancement measures, which will include measures to promote economic participation for youth, women, and middle-aged workers, will be developed and implemented.

Please refer to the attached files.