Strong headline numbers mask a widening structural collapse in youth employment
South Korea’s most troubling jobs problem is hiding in plain sight. By the headline figures, the labor market appears robust. Employment rates have reached record highs. The jobless rate sits near what economists would regard as full employment.
Yet beneath this reassuring surface, a quiet erosion is unfolding. For 19 consecutive months, youth employment has declined. The economy is creating jobs, just not for the generation expected to sustain it.
This is not a cyclical dip or a passing mismatch.
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