Employment is reorganized mainly for low-wage workers in their 60s, and rising real estate interest rates due to low unemployment and high interest rates are deteriorating the economy.
The US mortgage rate (30-year maturity) rose to 6.02% this week, more than double from 2.86% a year ago.
Korea's unemployment rate is at an all-time low of 2.5%, with low-paid workers in their 60s accounting for 450,000 out of 800,000 new hires.
The number of unemployed in August was 615,000, a decrease of 129,000 from a year ago, and new hires increased by 807,000 from a year ago. .
New hires increased in manufacturing (240,000 people, 5.6%), health and social welfare services (123,000 people, 4.6%), and agriculture, forestry and fisheries (90,000 people, 5.7%), but the proportion of those in their 60s in the manufacturing industry shows a low-wage worker system. .
Excluding 454,000 people in their 60s from the new hires in August, the 40s, the main working class, were the head of the increase in 50s (182,000 people), 30s (98,000 people), and 20s (65,000 people). The cost is a reduction of 8,000 people.
The Wall Street Journal reported on the 16th that South Korea's record low unemployment rate in August "has strengthened the case for the central bank to continue raising interest rates."
U.S. mortgage rates have more than doubled, rising to their highest level since the financial crisis in 2008, shocking homebuyers who are paying less than half in interest, The New York Times reports.
Contrary to China's economic recovery indicators, Reuters reported on the 16th that "real estate investment in July fell 13.8%, the fastest economic deterioration since December 2021." During the month, it increased by 5.8% compared to the same period a year ago, surpassing the 5.5% increase that was expected, and the growth rate in January-July rose from 5.7%.”
China's real estate slump opened more contracts in August as home prices, investment and selling prices expanded losses, but fell 1.3% year-over-year.
"This was the fastest number since August 2015 and fell 0.9% in July," Reuters forecasted further declines.
Regarding the real estate decline, the news agency said, "China's real estate market, which was once a key driver of economic growth, has been hiding behind the crisis from the mid-2020s after regulators intervened to reduce excessive leverage by developers." 13.8% per month.”
Unlike the U.S., Japan and Europe, Korea has been hiding the low-wage, high-interest rate system by excluding 30% of the cost of self-sustaining from the beginning by classifying it as a “speculative product” in the CPI of the consumer price index.
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