The latest Economically Active Population Survey for April 2023, released by the South Korean government, indicates promising developments in the country’s job market. The survey reveals growth in the economically active population, increased employment figures, and a decline in the unemployment rate.
The survey findings highlight a robust economically active population, with a total of 29.236 million individuals in April. This represents a notable increase of 294,000 persons, reflecting a year-on-year growth rate of 1.0%. This rise demonstrates a positive trend of more individuals engaging in economic activities and seeking employment opportunities.
Furthermore, the labor force participation rate in April stood at 64.4%, showcasing a rise of 0.4 percentage points compared to the previous year. This increase indicates a higher proportion of the working-age population actively participating in the job market, contributing to the overall economic growth and productivity of the nation.
The number of employed individuals also saw a significant upturn, reaching 28.432 million persons in April. This marks a substantial increase of 354,000 persons, equivalent to a year-on-year growth rate of 1.3%. The employment to population ratio, which measures the proportion of employed individuals among the working-age population, recorded 62.7% in April. This figure represents a rise of 0.6 percentage points compared to the previous year, indicating a healthier employment landscape.
Simultaneously, the number of unemployed individuals in April totaled 804,000 people. This figure reflects a notable decrease of 59,000 persons, equivalent to a year-on-year decline of 6.9%. The unemployment rate, a key indicator of job market conditions, stood at 2.8% in April, representing a decline of 0.2 percentage points compared to the previous year. These figures indicate a favorable environment for job seekers, with fewer individuals facing unemployment and improved opportunities for sustainable employment.
The survey also provides insights into the economically inactive population, which reached 16.135 million people in April. This figure represents a decrease of 156,000 persons, equivalent to a year-on-year decline of 1.0%. The decline in the economically inactive population suggests a greater number of individuals entering or rejoining the labor force, contributing to the overall growth of the economically active population.
The Economically Active Population Survey for April 2023 reveals positive growth in South Korea’s job market, characterized by an increase in the economically active population, higher employment figures, and a decline in the unemployment rate. These developments reflect the government’s efforts to promote job creation, economic stability, and sustainable growth. The data presents an optimistic outlook for job seekers and reinforces South Korea’s position as a thriving and dynamic economy.