In September 2024, the employment rate for those aged 15 and above reached 63.3 % (+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 2.1% (-0.2 %p).
* Employment Indicators for September (2023→2024, %): Employment rate: 63.2 → 63.3
Labor force participation rate: 64.6 → 64.6
Unemployment rate: 2.3 → 2.1
The growth in the number of employed persons surged by 144 thousand from a year ago, and seasonally adjusted employment figures also rose from a month ago for the fourth consecutive month (June: 2,000 → July: 19,000 → August: 14,000 → September: 55,000).
* 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 (Sep) +14.4
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 (-0.7%p) to 45.8% from a year ago, the youth unemployment rate (5.1%, -0.1%p) and the expanded unemployment rate (14.7%, -1.6%p) both declined, reaching record lows.
Key employment indicators, such as the employment rate and labor force participate rate, remain positive, and the number of employed persons also increased compared to the previous month, despite the base effect (268,000 in August 2023 → 309,000 in September 2023), with growth mainly driven by the service sector. However, amid the slowing pace of employment growth compared to the rapid employment growth seen in 2022-2023, the number of workers in the construction industry has declined and challenges for vulnerable groups, such as youth, continue. Going forward, the government plans to closely monitor employment conditions by sector and demographic group, strengthen efforts to create high-quality private-sector jobs, and enhance tailored job support for vulnerable sectors.
Please refer to the attached files.
