Men in 40s hit hardest by manufacturing declineThe number of employed men in their 40s shrank at the fastest pace in 27 years last month, attributable to the declining population and lackluster local manufacturing industry, government data showed Sunday.
The number of employed males aged between 40 and 49 stood at 3.83 million in May, shedding 115,000 from a year earlier, according to data by Statistics Korea.
Employment of males in their 40s has slid for 53 consecutive months since January 2015, but the latest figure was the biggest on-year decline since December 1991, when there was a 143,000 reduction.
The government attributed the age group’s sluggish performance to the decreasing population, as well as the slumping manufacturing industry in Asia’s fourth-largest economy.
“It seems that males in their 40s were the most affected by the tepid manufacturing industry,” a Statistics Korea official said.
In contrast, the number of female workers increased 198,000 on year to 22.6 million in May, marking the fastest growth in five years, data showed.
Jobs among those in their 50s and those over 60 gained the most among all female age groups, partly attributable to the government creating senior jobs in the public sector.
More in Economy
Finance Ministry prepares to battle bubbles and debt
Profit-sharing concept hits brick wall of Korea Inc.
New high-rise construction expected around subways
June 1 property tax increases are happening as planned