Record-high number of 20-somethings 'just rested' in July: report

The number of young Koreans out of the job market for no particular reason was over 420,000 to mark the highest figure ever for July, in spite of the continued upward trend in employment over the past months.

While the employment rate for those aged 15 and older inched up to 63.4 percent -- the highest figure ever for July -- the employment rate for the 15-29 group decreased by 0.7 percent compared to a year before to 45.8 percent, a report compiled by Statistics Korea showed Tuesday. A total of 421,000 Koreans in their 20s were categorized as having "rested," which is the highest number since the government began tallying this category in 2003.

Statistically, the category of rested refers to those who did not work or look for a job with no particular reason, such as child-rearing, academic study, housework, old age or physical incapacity. The number was particularly notable among 20-somethings and the 50-59 group, the latter marking 409,000.

Only 60-somethings had a higher number of those who just rested (1.157 million), which is expected since the legal retirement age in Korea is 60.

"There is a trend of an increasing number of the youth population, which had previously been categorized as being committed to child-rearing or housework, being tallied as having rested," an official of the agency said in a press briefing.

A total of 2.58 million across the country said they just rested, out of the 16 million "economically inactive population" that refers to those without a job or the intent to work.

The increasing average age of workers at Korean companies has been an ongoing trend here, with a recent survey by job-search platform Saramin showing that 32.3 percent of companies with hiring plans for the second half say they will only hire experienced workers. The number of young workers has been on the decline, with a July report by CEO Score showing that only 21 percent of all workers at major firms here are in their 20s.

In total, 29.02 million people across the country were employed in July, an increase of 171,000 compared to the same month last year. The employment rate for those aged 15-64 years old -- the standard categorization for the Organization for Economic Cooperation and Development -- was 70.2 percent, a 0.4 percent increase compared to July 2024.

The unemployment rate -- which refers to the jobless rate among the economically active population, or those who have or are looking for a job -- was 2.4 percent for the overall population, but 5.5 percent for those aged 15-29. The overall unemployment rate decreased slightly by 0.1 percent on-year, but the figure for the youth group was the same in July 2024.

The number of workers increased among those in their 30s and 60 and older, but dipped among those in their 20s, 40s and 50s. The employment rate increased for 40-somethings, however, which officials said was due to an overall decline in the population of that age group.

Korea's employment has increased each month this year, since the country saw a net loss of 52,000 jobs in December last year. The monthly surge compared to the previous year had relatively slowed in July, with an increase of 171,000 new positions compared to the same month as in 2024.

The construction and manufacturing sectors both logged a net increase for July, for the 15th and 13th consecutive month, respectively. The construction sector shed 92,000 jobs compared to the previous year, while the manufacturing sector lost 78,000 jobs in the same period.

The agriculture, forestry and fisheries sector saw the most significant job loss, dipping by 127,000 jobs in the year.