SEOUL, October 16 (AJP) - The extraordinary chip boom fueling full-capacity production and expansion at South Korea’s chip factories has spilled over to the job front, lifting factory employment for the first time in more than two years, although opportunities for young people remained constrained.
The number of employed people rose by 113,000 from a year earlier to 29.266 million in September, according to data released Friday by the Ministry of Data and Statistics (MODS).
Manufacturing employment increased by 16,000, reversing a decline of 38,000 in August and snapping a 26-month losing streak.
Employment among people aged 15 to 29 fell by 147,000 from a year earlier, while their employment rate dropped 1.1 percentage points to 44.0 percent.
MODS also began publishing employment indicators for people aged 15 to 34 in September, reflecting the expanded definition of youth under the Youth Employment Promotion Special Act.
Under the new measure, the youth employment rate stood at 56.1 percent, down 0.4 percentage point from a year earlier, while the unemployment rate rose 0.1 percentage point to 4.2 percent.
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