Worsening youth employment slump amid the semiconductor boom

The number of employed people in June increased again, but the overall employment rate fell for a third consecutive month, and the youth employment rate was found to have declined for 26 straight months. According to the 'June Employment Trends' announced by the National Data Service on the 15th, the number of employed people last month stood at 29.154 million, up 63,000 from a year earlier. However, the number of employed young people (ages 15 to 29) fell by 197,000, continuing a 44month decline since November 2022. The youth employment rate was 43.9%, down 1.7 percentage points from a year earlier, and the youth unemployment rate rose 0.9 percentage points to 7.0%. By industry, employment declines continued in manufacturing and construction. On the other hand, in facetoface service industries such as transportation and warehousing, arts, sports and leisure services, and lodging and food service businesses, the number of employed people increased, partially offsetting the decline. Experts analyzed that the manufacturingcentered industrial structure and the spread of artificial intelligence are placing structural pressure on youth jobs.