The number of unemployed young people reaches 410,000 - South Korean report

As domestic demand continued to stagnate last year, the number of young people who were not looking for work and were unemployed increased by more than 12% from the previous year.
The number of "employed" also increased by 37%. According to the Statistics Korea National Statistical Portal (KOSIS) on the 20th, the number of unemployed young people aged 15 to 29 in December last year was 411,000.
This is a 12.3% increase from the 366,000 people a year ago. In particular, the youth population during the same period decreased from 8.306 million to 8.055 million.
The increase is even more remarkable when the unemployed population is taken into account. The unemployed population refers to the economically inactive population who are not working or looking for work for no apparent reason. The number of young people who are out of work is on the rise due to the COVID-19 virus.
The number of cases decreased every year from 485,000 in 2020, when the virus was prevalent, to 409,000 in 2021, 406,000 in 2022, and 366,000 in 2023, but last year it was 4
The number of young people on leave has been increasing for the first time in years. Even when viewed by month, the number of young people on leave has been increasing year on year for eight consecutive months since May of last year. Since June, the monthly growth rate has exceeded 10%.
The number of young people who said they were employed but did not have enough working hours and wanted to work more also increased significantly. As of December last year, the number of young people who were able to work additional hours was 133,000, up 1
This is a sharp increase of 37.4% from the 97,000 people recorded last year. This figure also peaked in December 2020 (164,000 people) and has been declining every year since then, but began to increase again last year.
Those who are able to work additional hours are those who work less than 36 hours a week, who wish to work additional hours, and who are able to work additional hours if the opportunity arises.
These indicators are showing that the employment base effect caused by the COVID-19 virus has disappeared and the economic recovery is slow, while the state of emergency and the Jeju Islands (
This is being analyzed as being due to a combination of negative factors affecting domestic demand, such as the aviation accident in the state of Iwate and the cold wave. In fact, the number of employed people aged 15 and over last month decreased by 52,000 compared to the previous year, and the number of employed people in 2021 was 100,000.
It was the first decrease in three years and 10 months since February 2018. A decrease in the number of employed persons while the economy is not experiencing negative growth is an extremely rare phenomenon.