By Yoon Ja-young
The unemployment rate of young people fell to its lowest level since May 2013. Conditions in the job market are improving as more jobs are being created in manufacturing and service sectors.
According to Statistics Korea, Wednesday, the number of employed increased by 348,000 in October from the previous year, marking the biggest leap in job creation in two and a half years.
The general employment rate stood at 60.9 percent while the unemployment rate fell 0.1 percentage points to 3.1 percent, the lowest since November 2013.
The statistics office attributed it to growth in the manufacturing sector.
"With the GDP growth rate picking up in the third quarter and production increasing, the manufacturing sector is increasing hiring," said Sim Won-bo, head of the agency's employment statistics division.
Employment in the manufacturing sector increased by 191,000 jobs last month, taking up 17.3 percent of the total employment.
The condition of the job market also improved for youths. The unemployment rate of the people aged between 15 and 29 recorded 7.4 percent, which is the lowest since 2013 May. The number has been falling since February when it peaked at 11.1 percent unemployment.
Jobs for the young people increased in the service industry, arts, sports and leisure, and technology.
"It is estimated that young people have been getting jobs in places like family restaurants," Sim said.
However, the virtual jobless rate which includes part-time workers seeking other jobs or preparing for jobs stood at 10.5 percent, up 0.4 percent from a year ago.
The employment rate of females rose by 0.4 percent to 50.8 percent, with more than 200,000 females getting new jobs.
The number of self-employed workers, however, continued decreasing, shedding 159,000 jobs in October compared with 2014.
The Ministry of Strategy and Finance expected the job market to continue picking up.
"With the recovery mood continuing in domestic consumption, job increase stood at around 350,000 for two consecutive months," it noted.
"With the momentum of recovery strengthening, employment is likely to continue increasing. The government will continue its efforts for economic recovery and accelerate structural reform in four sectors including labor," it added.
The unemployment rate of young people fell to its lowest level since May 2013. Conditions in the job market are improving as more jobs are being created in manufacturing and service sectors.
According to Statistics Korea, Wednesday, the number of employed increased by 348,000 in October from the previous year, marking the biggest leap in job creation in two and a half years.
The general employment rate stood at 60.9 percent while the unemployment rate fell 0.1 percentage points to 3.1 percent, the lowest since November 2013.
The statistics office attributed it to growth in the manufacturing sector.
"With the GDP growth rate picking up in the third quarter and production increasing, the manufacturing sector is increasing hiring," said Sim Won-bo, head of the agency's employment statistics division.
Employment in the manufacturing sector increased by 191,000 jobs last month, taking up 17.3 percent of the total employment.
The condition of the job market also improved for youths. The unemployment rate of the people aged between 15 and 29 recorded 7.4 percent, which is the lowest since 2013 May. The number has been falling since February when it peaked at 11.1 percent unemployment.
Jobs for the young people increased in the service industry, arts, sports and leisure, and technology.
"It is estimated that young people have been getting jobs in places like family restaurants," Sim said.
However, the virtual jobless rate which includes part-time workers seeking other jobs or preparing for jobs stood at 10.5 percent, up 0.4 percent from a year ago.
The employment rate of females rose by 0.4 percent to 50.8 percent, with more than 200,000 females getting new jobs.
The number of self-employed workers, however, continued decreasing, shedding 159,000 jobs in October compared with 2014.
The Ministry of Strategy and Finance expected the job market to continue picking up.
"With the recovery mood continuing in domestic consumption, job increase stood at around 350,000 for two consecutive months," it noted.
"With the momentum of recovery strengthening, employment is likely to continue increasing. The government will continue its efforts for economic recovery and accelerate structural reform in four sectors including labor," it added.
