South Korea Sees Addition of 123,000 Jobs in November: Latest Data
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Seoul, Dec 11 (NationPress) South Korea has added over 120,000 jobs in November, marking a modest increase from the previous month but still remaining within the 100,000 range, according to data released on Wednesday. The count of employed individuals aged 15 years and older reached 28.82 million at the end of last month, representing an increase of 123,000 from a year ago, based on statistics compiled by Statistics Korea.
While job growth previously ranged between 200,000-300,000 earlier in 2024, it dramatically decreased to 80,000 in May, which was the slowest year-on-year growth observed in over three years, the agency reported. Following that, job additions have stabilized around the 100,000 level, as noted by Yonhap news agency.
The sluggish job growth in November was linked to declines in pivotal sectors such as wholesale and retail, construction, and manufacturing.
Employment in the construction sector fell by 96,000 compared to the same month last year, marking a persistent decline for seven consecutive months.
Jobs in wholesale and retail plummeted by 89,000, continuing their downward trend for the ninth straight month, largely due to weak domestic demand.
In the manufacturing sector, employment experienced its most significant drop in 18 months, decreasing by 95,000.
"The number of jobs in manufacturing has been decreasing for five consecutive months," stated Suh Woon-ju, an official at Statistics Korea. "The most substantial declines were noted in electronic components, clothing, and paper products, among other sectors."
In the business facilities management and rental services sector, employment decreased by 86,000, the largest drop since December 2018, when the number fell by 89,000.
"The decline seems to be driven by deteriorating conditions in the construction industry and reductions in apartment security personnel," Suh explained.
Conversely, new hiring in the public health and social welfare sector saw an increase of 113,000 year-on-year last month, while jobs in the science and technology service sector rose by 71,000.
The modest job growth in November was largely influenced by hiring among older adults.
Employment for individuals aged 60 and older grew by 298,000 year-on-year. Jobs for individuals in their 30s and 50s increased by 89,000 and 7,000, respectively.
However, younger demographics experienced notable declines.
Jobs for individuals in their 20s decreased by 170,000, while employment for those in their 40s fell by 91,000 year-on-year. Statistics Korea indicated that the overall population within these age brackets has also been diminishing.
