The era of 500,000 “resting” young adults… Employment rate sees largest drop in four years (Comprehensive)

Statistics Korea Releases February Employment Trends
Employment Increases for Two Consecutive Months, But Declines in Youth and People in Their 50s
Youth Employment Rate a Mere 44.3%
Continued Job Reductions in Construction and Manufacturing, ‘[Sejong=Edaily Reporters Kim Mi-young and Kim Eun-bi] Last month, the number of employed individuals increased by 136,000, marking a second consecutive month of increases in the 100,000 range. However, job reductions in construction and manufacturing sectors persisted due to sluggish domestic demand. Particularly, the youth unemployment rate surpassed 7%, and the ‘resting’ population exceeded 500,000 for the first time, indicating a deepening employment cold wave.’,
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, ‘According to the ‘February 2025 Employment Trends’ released by Statistics Korea on the 12th, the number of employed people last month was 28.179 million, an increase of 136,000 compared to the same month last year.’,
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, ‘The number of employed had increased for 45 consecutive months compared to the same month of the previous year until November last year but decreased by 52,000 in December, ending the upward trend. This year, it increased by 135,000 in January, signaling a return to growth, which continued into February for two consecutive months.’,
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, ‘By industry, job losses continued due to the recent domestic economic downturn, with construction decreasing by 167,000 people (-8.1%) compared to the same month last year, marking ten months of continuous decline. Manufacturing also saw a reduction of 74,000 people (-1.7%), with job reductions ongoing for eight consecutive months. In addition, jobs in business facility management, business support, and rental services decreased by 74,000 people (-5.4%).’,
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, ‘Conversely, health and social welfare services increased by 192,000 people (6.7%), professional, scientific, and technical services by 80,000 people (5.7%), and information and communications by 65,000 people (5.9%).’,
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, ‘By age, the number of people in their 60s and older increased by 342,000, and those in their 30s by 116,000. However, there was a decrease of 228,000 people in their 20s, 78,000 people in their 40s, and 8,000 people in their 50s.’,
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, ‘Youth employment is on a downward trend. The employment rate for those aged 15 to 29 fell by 1.7 percentage points to 44.3%, marking the largest drop since January 2021 (-2.9 percentage points). While the employment rate for those aged 15 to 64 rose by 0.2 percentage points to 68.9%, reaching an all-time high for February, the youth employment rate fell significantly.’,
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, ‘The youth unemployment rate increased by 0.5 percentage points to 7.0%, marking the first entry into the 7% range since March 2023 (7.1%). It is more than double the overall unemployment rate (3.2%). The number of ‘resting’ youth, who are neither employed nor actively seeking work, was 504,000, surpassing the 500,000 mark for the first time since statistics began being compiled in 2003.’,
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, ‘Jang Ju-seong, the head of the Human Resources Policy Division at the Ministry of Economy and Finance, explained, “The preference for open recruitment and experienced hires by companies has recently intensified,” and added, “Due to the poor domestic economy, some involuntarily retired youths are remaining in the ‘resting’ group.” He noted that “about 60% of the ‘resting’ youth have work experience or employment plans within a year, but the remaining 40% are analyzed to lack job-seeking motivation.”‘,
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, ‘There are concerns as the number of employed in their 50s, a key economic demographic, has decreased for two consecutive months, attributed to sluggish domestic demand and a struggling construction sector.’,
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, ‘The government plans to strengthen efforts for job creation in the private sector and employment stabilization for vulnerable groups. It is relying on the ‘Youth All-Care Platform,’ which has been operating since this month, and the ‘Employment Difficulty Resolution Hotline,’ launched following a job creation agreement with six major economic organizations. A national job fair, organized jointly by related ministries on the 19th to 20th, is also being prepared without setbacks.’,
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