300,000 Tops in 2019, at an employment rate of 3.8 pct Korea’s job growth rate

South Korea’s employment growth in 2019 was more than 300,000, up from 3.8 percent year on year, with statistical office data on Wednesday showing a stable rate of unemployment.

According to Statistics Korea, the number of workers in 2019 amounted to 27,123,000, or 301,000 a year earlier. In 2018, it was more than three times as high as 97,000.

The growth of jobs over the year continued to rebound from just 19000 between May and July in January to over 200000 and from August to November to over 300000.

The increase in employment over the year in December was 516,000, with rapid growth over 64 months.

In 2019 the figure was 1,063,000, which for the fourth consecutive year reached the threshold of one million.

Last year’s unemployment rate was 3.8 percent, unchanged from last year’s average.

The Deputy Prime Minister for Economic Affairs, Hong Nam-ki, told the press briefing that labor market conditions achieved a V format recovery last year and he vowed to do everything he could to maintain the recovery trend this year.

The younger generation aged 15 to 29 years of age dropped by 0.6% to 8.9% in 2019, which was the lowest unemployment rate in the six years.

As the data started to be collected in 2015, the so‐called “expanded jobless rate” for young people, which represents the more precise working conditions, hit 22,9% last year.

The official unemployment rate is those who are available for work immediately but who have not got a job for the last four weeks, although they have been working hard.

The increased unemployment rate raises the official unemployment rate to those who are not motivated by seeking work, who work part-time to prevent full-time work and who are prepared to work after a college degree.

Jobs in the health and social welfare industries increased last year by 160,000 and the figures for the restaurant and lodging sectors, with 61,000 and 60,000 in the scientific and technological sector.

Employment decreased respectively from 81, 000 to 60,000 and 40 000 in the development, wholesale and retail industries, and finance and insurance sectors.

The recruitment rate for the aged of 15 and over rose by 0.2% in 2019 to 60.9%, the highest in 22 years.