S.Korea's job growth hits 65-month high in January, with jobless rate at 4.1 pct

Source: Xinhua | 2020-02-13

South Korea's year-over-year job growth hit the highest in 65 months in the first month of this year, with unemployment rate falling to 4.1 percent, statistical office data showed Wednesday.

The number of those employed totaled 26.8 million in January, up 568,000 from a year earlier, according to Statistics Korea.

It was the fastest increase in 65 months since August 2014. In December last year, the employment went up 516,000 on a yearly basis.

The government unveiled a set of projects to help the elderly get a job amid the rapid population aging. In South Korea, many people from the older generation failed to prepare for after-retirement life.

Employment among those aged 60 or higher increased 507,000 in January from a year earlier, posting the highest expansion since the data began to be compiled in 1982.

The figures for those in their 20s and 50s gained 63,000 and 62,000 respectively, with the reading for those in their 30s growing 18,000 in the month.

The number of jobs among those in their 40s declined 84,000 last month, keeping a downward trend for 51 straight months.

Jobs in the health and social welfare service industry picked up 189,000 in the month, with the figures for the eatery and lodging, and the transport and storage sectors rising 86,000 and 92,000 each.

Employment in the wholesale and retail sector reduced 94,000, and the reading in the finance and insurance slipped 32,000 last month.

The number of workers, newly hired by manufacturers, added 8,000 in January from a year earlier, rebounding for the first time in 22 months.

Jobs in the construction sector rose 5,000 in the month, turning around in five months.

The number of regular workers advanced 664,000 in the month, but those for irregular and daily employees reduced 32,000 and 62,000 respectively.

The hiring rate for those aged 15 or higher reached 60 percent in January, marking the highest January figure since the statistical office began compiling the data in 1982.

The OECD-method employment rate among those aged 15-64 reached the highest January figure of 66.7 percent.

The employment rate gauges the percentage of working people to the working-age population, or those aged 15 or above. Amid the aging population it is used as an alternative to show the labor market conditions more precisely.

Jobless rate stood at 4.1 percent in January, down 0.4 percentage points from a year earlier. The number of those unemployed was 1,153,000 last month, down 71,000 from a year ago.

Unemployment rate for the younger generation aged 15-29 dipped 1.2 percentage points from a year earlier to 7.7 percent in January, recording the lowest January figure since 2013.

The so-called expanded jobless rate for youths, which reflects labor market conditions more accurately, came in at 12.1 percent in January, down 0.9 percentage points from a year earlier.

The official unemployment rate refers to those who are immediately available for work but fail to get a job for the past four weeks despite efforts to actively seek a job.

The expanded jobless rate adds those who are discouraged from searching a job, those who work part-time against their will to work full-time and those who prepare to get a job after college graduation, to the official jobless rate.

The number of economically inactive population retreated 151,000 over the year to 16,713,000 last month.

The so-called "take-a-rest" group, which replied that they took a rest during a job survey period, advanced 195,000 in the month. It is seen as important as the group can include those who are unemployed and too discouraged to search for work for an extended period of time.

Discouraged workers, who gave up efforts to seek a job because of the worsened labor market conditions, declined 63,000 from a year earlier to 542,000 in January.