The Korean Statistical Office has released the employment trends for October 2023, providing insights into the nation’s labor market. Here are the key highlights:
1. Employment Rate (Ages 15-64):
- The employment rate stands at 69.7%, based on OECD standards, showing a 0.8 percentage point increase compared to the same period last year.
2. Unemployment Rate:
- The unemployment rate is recorded at 2.1%, reflecting a 0.3 percentage point decrease from the previous year.
- The number of unemployed individuals has decreased by 66,000 (-9.5%) compared to the same period last year, totaling 627,000.
- Youth unemployment rate (ages 15-29) is 5.1%, down by 0.5 percentage points from the previous year.
- Seasonally adjusted unemployment rate is 2.5%, indicating a 0.1 percentage point decrease from the previous month.
3. Employment Growth:
- In October 2023, the total number of employed individuals is 28,764,000, showing an increase of 346,000 (1.2%) compared to the same period last year.