SEOUL, KOREA - Last year's employment rate for those aged between 15 and 64 was 65.4 percent, a historic high. Still the youth unemployment rate shot up to more than the 10-percent level even if it is the customary hiring season.
According to a report "April 2014 Employment Trend" published by the National Statistical Office on May 14, the total number of people engaged in gainful activity during the month of April was 25,684,000, up 2.3 percent (581,000) from the previous year's 25,103,000. The monthly net increase has slowed down from 835,000 in February and 649,000 in March, but still maintains more than the 500,000 level for six consecutive months since November last year.
The steady pace of new payroll increases has translated into a higher employment ratio. The total employment ratio in 2013 was 60.6 percent, up 0.8 percentage point from 2012. As for the ratio for those between 15 and 64, the measure of employment comparable among Organization for Economic Cooperation and Development member countries, it jumped 1.0 percentage point to 65.4 percent.
In tandem with a rise in the employment ratio, the month of April saw an increase in the unemployment ratio as well. The total number of jobless for the month was 1.03 million, up 205,000 from the same month last year. The unemployment rate was up 0.7 percentage point to 3.9 percent from the same month a year ago. In particular, the youth unemployment ratio rose 1.6 percentage points to 10.0 percent.
Jang Gi-young, senior manager responsible for labor market analysis with the Ministry of Employment and Labor, said, "From the figures, there is little indication that the ferry sinking incident has any impact on the economy. But we are keenly watching how the accident would have an impact on domestic service industries such as travel, lodging, and public transportation."
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