Seoul, Dec 11 (IANS) South Korea added more than 120,000 jobs in November, showing a slight uptick from the previous month but remaining in the 100,000 range, data showed on Wednesday.
The number of employed people aged 15 years and older came to 28.82 million as of the end of last month, up 123,000 from a year earlier, according to the data compiled by Statistics Korea.
While job growth remained in the 200,000-300,000 range earlier in 2024, it sharply fell to 80,000 in May, marking the slowest on-year growth in over three years, the agency said. Since then, job additions have remained around the 100,000 level, reports Yonhap news agency.
The slow job growth in November was attributed to losses in key sectors such as wholesale and retail, construction and manufacturing.
Employment in the construction sector dropped by 96,000 from the same month last year, marking a continuous decline for seven consecutive months.
Jobs in wholesale and retail fell by 89,000, extending their downward spiral for the ninth straight month, as they struggled with weak domestic demand.
In the manufacturing sector, employment recorded its steepest decline in 18 months, falling by 95,000.
“The number of jobs in manufacturing has been decreasing for five consecutive months,” said Suh Woon-ju, an official at Statistics Korea. “The sharpest declines were seen in electronic components, clothing and paper products, among other areas.”
Employment in the business facilities management and rental services sector fell by 86,000, the largest decline since December 2018, when the figure dropped by 89,000.
“The decrease appears to have been driven by worsening conditions in the construction industry and reductions in apartment security staff,” Suh said.
In contrast, new hiring in the public health and social welfare field gained 113,000 on-year last month, and jobs in the science and technology service sector went up by 71,000.
November’s modest job growth was primarily driven by hiring among older adults.
Employment for those aged 60 and older rose by 298,000 on-year. Jobs for people in their 30s and 50s increased by 89,000 and 7,000, respectively.
However, employment for younger age groups saw sharp declines.
Jobs for those in their 20s fell by 170,000, while employment among those in their 40s decreased by 91,000 on-year. Statistics Korea noted that the overall population in these age groups has also been shrinking.
–IANS
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