Data from the National Statistical Office was released on the 11th, showing that the unemployment rate rose to the highest level in 11 months in December of last year and the annual employment growth rate was the smallest in 21 months.
According to data from the National Statistical Office, the seasonally adjusted unemployment rate for December was 3.3%, up 0.4%p from November's 2.9%, the highest since January last year.
In the 12 months to December, the number of employed people increased by 509,000, the 22nd consecutive month of year-over-year growth, but the smallest annual increase since March 2021.
The unemployment rate last year fell to 2.9% annually, down from 3.7% in 2021, the lowest level since data began being published in 2000.
The unemployment rate rose sharply last December, and the number of employed continues to increase in those aged 15 and over, with an annual increase of 810,000 to 60,000.
By age group, the increase or decrease in the number of employed is the highest at 452,000 for those aged 60 or older, followed by 196,000 for those in their 50s, 112,000 for those in their 20s, 46,000 for those in their 30s, and 3,000 for those in their 40s. Retail trade (-41,000 persons), finance and insurance (-26,000 persons), associations, repairs and other personal services (-16,000 persons) decreased, while health and social welfare services (180,000 persons), manufacturing ( 135,000 people) and lodging and restaurant business (84,000 people) increased.
The number of unemployed last year was 833,000, down 205,000 from a year ago, down across all age groups.
The unemployment rate fell 0.8%p to 2.9% annually, and the employment rate rose 1.6%p to 62.1%.
Last year, the economically inactive population was 16,339,000, down 432,000 from the previous year. The number of students enrolled/attended (-135,000), childcare (-125,000), and those who gave up looking for a job decreased by 185,000 to 443,000. The employment rate is similar to the previous high level of 2022, but the unemployment rate will increase slightly and the rate of increase in the number of employed will decrease significantly.”
The government presents an increase of 100,000 people this year and a 68.7% employment rate for those aged 15 to 64, and the Bank of Korea predicted an increase of 90,000 people in its 'Economic Outlook' in November last year, so this year's increase is expected to decline.
The manufacturing industry returned to an increase for the first time in seven years since 2015, and the accommodation and restaurant industry for the first time in three years since 2019.
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