South Korea's employment rises, but youth job rate continues to fall

South Korea's job market showed signs of recovery in July, with employment figures rising by 108,000 compared to the previous year. This marks the second consecutive month of growth and the first time in four months that the increase has surpassed the 100,000 threshold, according to data released by the National Statistical Office.

Adding to the positive trend, the employment rate for the working-age population (15-64 years old) hit a record high of 70.3% for July. This figure is the highest recorded since the relevant statistics were first compiled in 1989, indicating a robust performance in this demographic.

Despite the overall positive employment numbers, a significant concern persists regarding youth employment. The employment rate for individuals aged 15 to 29 fell by 1.6 percentage points year-on-year to 44.2%. This marks the 27th consecutive month of decline for the youth employment rate and the 45th consecutive month of decrease in the number of employed young people.

This persistent downturn in youth employment suggests that the elderly population is increasingly driving the labor market's growth, while younger generations face ongoing challenges in securing jobs. The data highlights a widening gap in employment trends across different age groups within the South Korean economy.