INDUSTRY & ECONOMIC POLICY

Employment Bounces Back After a Month, But Youth Employment Rate Falls for 26th Consecutive Month; Government Announces 'Youth Job Recovery Plan' for Q3

The number of employed persons in June increased by 63,000 compared to the same month last year, rebounding after a single month of decline in May. However, the employment rate edged down to 63.4%, and the youth (ages 15–29) employment rate fell to 43.9%, marking a decline for the 26th consecutive month. While manufacturing and construction continued their employment declines for 24 and 26 consecutive months respectively, health and social welfare services drove overall growth. At the July 16 Job Task Force meeting, the government reviewed complementary tasks for the youth job recovery plan, targeting over 200,000 trained professionals and over 200,000 created jobs. Specific measures will be announced in the third quarter following consultations among relevant ministries, with the resolution of labor market dual structures and mismatches pointed out as keys to policy effectiveness.