South Korea’s job growth slowed for the second consecutive month in July despite an on-year increase amid growing concerns over the economy driven by inflation.

Statistics Korea said on Wednesday that the number of employed people came to stand at 28 million-475-thousand last month, up 826-thousand from a year earlier.

It marks the largest on-year increase for the month of July since 2000, when slightly over one million jobs were added.

The pace of on-year job growth, however, slowed from 841-thousand in June. In May, 935-thousand more jobs were created compared to a year earlier.

The employment rate for those aged 15 and older rose by one-point-six percentage points on-year to reach 62-point-nine percent last month, setting a new record for the month of July.

The jobless rate dropped by zero-point-three percentage points on-year to two-point-nine percent, with the number of jobless people retreating by 84-thousand from a year earlier to 836-thousand.