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KLI Employment & Labor Brief No. 85 (2018-07): Assessment of the Labor Market in 2018 and Outlook for 2019
KLI Employment & Labor Brief No. 85 (2018-07): Assessment of the Labor Market in 2018 and Outlook for 2019
  • Table of Contents

    Table of Contents

    1. Overview of the Labor Market in 2018

    2. Sectoral Assessment of the Labor Market in 2018

    3. Employment Outlook for the Second Half of 2018 and 2019

     

    Summary

    The number of employed increased by 97,000 year-on-year (January to October) in 2018 due to the reduction in 15-64 population, production slowdown in construction and manufacturing, and general economic slowdown. Employment rate was 60.7%, down by 0.1%p year-on-year and unemployment rate was 4.0%, up by 0.2%p. Employment is picking up among youths in late 20s and women in age of career interruption (35-44), but it went down among the 40s-50s group as the number of unemployed increased. In manufacturing, employment has shrunk as production slowed down across a number of industries such as automobile, shipbuilding, textile and clothing and rubber plastic. Since the second half, employment is declining in the traditionally non-trading service sectors (wholesale/retail, hotel/restaurants). As institutions such as the Bank of Korea project little improvement in the economy in 2019, employment in 2019 is expected to grow by 129,000.