In November 2024, the employment rate for those aged 15 and above reached 63.2 %, up by 0.1%p compared to the previous year, reaching the highest November figure on record. The labor force participation rate stood at 64.6%, unchanged from the previous year, posting a record high for November. The unemployment rate fell to 2.2%, down by 0.1%p year-on-year, marking the lowest November figure on record.

* Employment Indicators for November (2023→2024, %):       Employment rate 63.1 → 63.2        Labor force participation rate 64.6 → 64.6      Unemployment rate 2.3 → 2.2

The growth in the number of employed persons rose by 123 thousand from a year ago in November, expanding the month-on-month increase, while the seasonally adjusted number of employed persons grew by 7 thousand month-on-month, marking the first increase in two months.

* Growth in the number of employed persons, 2024 (year-on-year, ten thousand): (Apr) +26.1  (May) +8.0 (Jun) +9.6  (Jul) +17.2  (Aug) +12.3  (Sep) +14.4  (Oct) +8.3  (Nov) 12.3

By age group, the employment rates moved up among those in their 30s, 40s, and older adults. Although the youth employment rate went down (-0.8%p) to 45.5% compared to that of last year, the employment rate for those in their late 20s stood at 72.8%, the same level as a year ago (the highest on record as of November).

The increase in the number of employed people, which had slowed to a single digit in October influenced by temporary factors such as base effects and weather, returned to double digits and the employment rate climbed up as well. However, the decline in employment in the construction and manufacturing industries and headwinds facing vulnerable groups in the labor market including the youth and small business owners continue, and uncertainties still loom large. Under these circumstances, the government plans to meticulously review the economic situation, including employment, through the Economic and Financial Monitoring Task Force (TF) and the Job TF, while making unwavering efforts to achieve employment stability and job creation for vulnerable groups. In addition to promoting rapid recruitment under the direct job creation project in 2025, the government will continue exploring policy tasks to support vulnerable groups in the labor market through the Job TF, and will shore up private sector job creation by preparing the 2025 Economic Policy Direction and industry-specific measures to step up competitiveness without a hitch.

Please refer to the attached files.