Number of employed people falls by 40,000 in May... Regular employees also decline for the first time in 26 years
May employment trends: 40,000 fewer employed people and slowing employment in manufacturing and among young people Quickly check the employment trend, including the first decline in regular employees
Last month, the number of employed people in the country fell by 40,000 from a year earlier, turning negative for the first time in 1 year and 5 months. According to the May employment trends announced on the 11th by the National Data Service, the number of employed people was tallied at 29.12 million.
In particular, regular employees who have employment contracts of one year or longer and receive bonuses and severance pay fell by 7,000, marking the first decline since 1999. Employment in manufacturing also decreased by 140,000, falling for 23 consecutive months, and construction also saw a larger drop.
By age group, employment among young people aged 15 to 29 fell by 255,000, the largest decline. The government believes the prolonged Middle East war is affecting various industries, leading to a slowdown in employment, and explained that while there are some signs of recovery in domesticdemandrelated jobs, overall employment conditions remain unstable.