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S. Korea added 452,000 jobs in August y/y; biggest increase since March 2017 Updated: 2019-09-11 16:07:35 KST

Around 452-thousand jobs were added on-year in August-- the biggest jump since March 2017.
According to Statistics Korea, it's the first job increase of more than 300-thousand since January 2018.
The employment rate for those aged 15 and above recorded 61.four percent, up point-five percentage points on year.
The number of people unemployed also fell by more than 270-thousand to less than 860-thousand people, making it the biggest monthly drop in more than eight years.
That brought the unemployment rate down one percentage point to three percent, the lowest level for August in nearly six years.
The youth unemployment rate also fell near three percentage points on year to seven.two percent.
Statistics Korea attributed the job growth partly to a base effect as only three-thousand jobs were added in August 2018.
Jobs in health and social welfare services also grew by 174-thousand.
But the manufacturing sector continued to see job creation fall for the 17th consecutive month, down 24-thousand on-year.
Finance sector jobs also fell for the eighth consecutive month.
Retail and wholesale jobs dropped more than 50-thousand.
By age group, those in their 20s, 50s and 60s saw job creation go up, but those in their 30s and 40s still saw job creation fall.

Near 400-thousand jobs created in August were jobs for the elderly, boosted by government finances. But high-quality jobs like those in manufacturing continued to drop. The pace of the decrease, however, eased from the previous month, resulting in a total job growth in August of 450-thousand. If you look at the details, the quality of these jobs is still low."

Finance minister Hong Nam-ki said the August jobs data is very encouraging and that the government will continue its policy efforts to help the job growth continue.
Kim Hyesung, Arirang News.
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