Employment rate in South Korea increases 83,000 last month

(MENAFN) South Korea's employment growth slowed significantly in October, with the number of employed individuals increasing by just 83,000, or 0.3 percent, from the previous year. This marks the lowest growth in four months, reflecting a continued decline in key sectors such as manufacturing, construction, and wholesale and retail. According to data from Statistics Korea, the total number of employed people aged 15 and older reached 28.85 million, after three consecutive months of job losses.

The manufacturing sector saw a decline of 33,000 jobs in October compared to the same period last year, marking a fourth consecutive month of job losses in this sector. Similarly, the construction industry shed 93,000 jobs, while the wholesale and retail sectors lost 148,000 jobs, continuing their downward trends for the sixth and eighth months, respectively.

In contrast, sectors such as health and social welfare, education services, and science and technology saw positive employment growth. Jobs in health and social welfare rose by 97,000, education services added 84,000 jobs, and science and technology services grew by 77,000 positions in October.

The overall employment growth was largely driven by the elderly workforce. The number of jobs for individuals aged 60 and above surged by 257,000, reflecting the increasing participation of older workers in the job market. Additionally, employment for individuals in their 30s and 50s rose by 67,000 and 12,000, respectively, although job growth for these age groups remained relatively modest.

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