South Korea's Manufacturing Employment Hits 12-Year Low Amid Economic Struggles
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Synopsis
Seoul reports a significant drop in manufacturing jobs as figures reveal the lowest levels in 12 years. Weak economic growth and challenges in the construction sector contribute to ongoing employment difficulties.
Key Takeaways
- Manufacturing jobs in South Korea hit a 12-year low.
- January manufacturing employment fell to 4.39 million.
- Construction jobs also saw a significant decline.
- Overall employment rose due to public health sector hiring.
- Challenges persist for youth and temporary workers.
Seoul, Feb 16 (NationPress) The manufacturing job count in South Korea has fallen to its lowest point in 12 years as of January, reflecting weak economic growth, according to data released on Sunday.
As of the end of January, the total number of people employed in the manufacturing sector reached 4.39 million, a decline of 56,000 compared to the previous year, as reported by Statistics Korea.
This January figure is the lowest since January 2013, when employment was at 4.32 million, as reported by Yonhap news agency.
Monthly, manufacturing jobs have consistently decreased since July 2024.
The dismal situation arises from a slowing economy in South Korea, characterized by reduced export growth and low domestic demand, compounded by fierce global competition and increased uncertainties resulting from policy changes under the new Donald Trump administration and the imposition of martial law by now-suspended President Yoon Suk Yeol in December.
Additionally, the construction sector experienced a drop of 169,000 jobs in January from the previous year, marking the most significant year-on-year decline since 2013.
This also represents the ninth straight month of decline.
Despite the downturn in manufacturing and construction jobs, overall employment in the country increased by 135,000 in January, primarily due to growth in the public health and social welfare sectors.
A finance ministry official stated, "The job market challenges persist, particularly for young individuals, construction workers, temporary employees, and small business proprietors, as the economy faces mounting downward pressure from both domestic and international uncertainties."
In other news, SK Group Chairman Chey Tae-won met with Vietnam's Party General Secretary To Lam to explore opportunities for enhanced cooperation in the energy sector and strengthen bilateral relations, officials reported on Sunday.
Chey held discussions with the Vietnamese leader in Hanoi on Friday, accompanied by executives from SK Innovation E&S Co., SK Energy Co., SKC Ltd., and SK Earth On Co.
