Youth jobless rate continues to rise

Unemployment rate held at a three-year low in November


The youth jobless rate inched up half a percent point from a year earlier to 6.8 percent in November even as the overall jobless rate stayed at a three-year low for a second month, Statistics Korea said Wednesday.

The agency said the November jobless rate for those aged 15-29 grew 0.1 percent over a month. The number of graduates in their 20s who found new jobs in November fell to 3,535,000, down 40,000 from the same time last year. The figure for those in their 30s also fell to 5,817,000, down 57,000 from a year ago.

“There are fewer jobs available for graduates as senior workers keep their jobs and as young people make up a decreasing portion of the entire population,” said Song Seong-heon, head of agency’s price statistics department.

“We have to consider the fact that the number of jobs created decreased at slower rate than the declining youth population.”

The tight labor market for graduates continues even as the overall job market stabilizes, with more senior citizens rejoining the workforce. The overall unemployment rate remained unchanged at a three-year low of 3.1 percent in November after adding 479,000 jobs from a year ago. Social welfare and health services added 113,000 jobs last month. Employment in manufacturing fell 2.1 percent from a year ago. The number of self-employed or public servants increased 3.1 percent.

“More jobs were created in the social welfare, health, transportation and retail sectors that offset losses in manufacturing and education-related services,” the agency said.

The government plans to create 71,000 new jobs for youth next year in the culture, tourism and public administration, sectors the Labor Ministry said. It plans to produce 40,000 internships for graduate-level job seekers and 14,000 jobs at public agencies.

Hyundai Research Institute recently estimated that the actual jobless rate ― including those who stopped looking for a job ― reached 22.1 percent this year.

By Cynthia J. Kim (cynthiak@heraldcorp.com)