South Korea’s national statistics office said a survey showed graduates
employment continued to weaken: among 15–29-year-old graduates, employment fell
202k YoY to 2.76m in May, while unemployed rose 31k to 1.243m. Job-search
duration has lengthened: 48.6% of unemployed youth have been jobless over one
year, up 2ppt from 46.6% a year earlier and the highest since 2009 (51.7%).
Those unemployed more than three years account for 19.4% of unemployed youth,
the highest level since related records began in 2007. The share of graduates
with prior work experience dropped to 84.8%, the lowest since 2004. The
statistics office said weaker demand for private-sector jobs has pushed more
applicants toward civil service posts, citing improved pay for local public
servants and firms’ stronger preference for experienced or temporary hires.
