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KLI Employment & Labor Brief No. 84 (2018-06): Labor Market Assessment in the First Half of 2018 and Employment Outlook in the Second Half
KLI Employment & Labor Brief No. 84 (2018-06): Labor Market Assessment in the First Half of 2018 and Employment Outlook in the Second Half
  • Table of Contents

    Table of Contents

    1. Overview of the Labor Market in 2018

    2. Labor Market Assessment by Sector in the First Half of 2018

    3. Employment Outlook in the Second Half of 2018

     

    Summary

    The number of employed people rose year-on-year by 142,000, which is less than in other years; employment rate remained constant year-on-year at 60.4%; and unemployment rate marked a year-on-year increase of 0.1%p to 4.1%. This is attributable to the fast decline in population aged 15 or above, decrease in working age population aged between 15 and 64, base effect from the high level of increase in the employed population centering around the service sector during the same period last year, and production slowdown in some sectors such as manufacturing, construction, and food service industry. The assessment did not find minimum wage to be a major factor behind the overall slowdown in employment growth. There is only small increase in the number of the employed persons and some sectors are struggling, but these are not significant deviations from the trends in other years considering the population decrease and base effect. Based on the economic outlook published by the Bank of Korea, the second half of the year is expected to witness a greater increase in the number of employed persons and  improvements in the service sector in particular.