Job growth accelerates for 3rd month in October

Visitors at a job fair held at Pukyong National University in Busan on Nov. 1 line up in front of job booths. [SONG BONG GEUN]

Korea's on-year employment grew at a faster pace for the third consecutive month in October, Statistics Korea said Wednesday.

The number of employed people came to 28.76 million last month, up 346,000 from a year earlier, or 1.2 percent.

Monthly job additions had slowed down for four months in a row, tumbling below 300,000 in July, but made a rebound in August and recovered to the 300,000 level last month.

Hiring has logged on-year growth since March 2021.

The employment rate of people aged 15 and older rose 0.6 percentage points on-year to 63.3 percent last month, the highest for any October since the statistics agency began compiling related data in July 1982.

October serves as an important employment benchmark period in Korea as many large corporations recruit new hires in the September to October period, in line with graduation season.

The country's jobless rate came to 2.1 percent, or the lowest level ever, compared to 2.4 percent from a year earlier, the data showed.

Key to the growth was the rise in employment among seniors.

There are currently 336,000 more jobs occupied by people 60 and older than there were in the same period of 2022. Hiring of people in their 30s also saw an on-year rise of 110,000. But the number of jobs filled by workers aged 15-29 dropped by 82,000, marking the category's 12th consecutive on-year fall as the age group's numbers dwindle. Positions employing workers in their 40s also dropped by 69,000.

The manufacturing sector shed 77,000 jobs in October, extending its losing streak for the 10th month running. The real estate sector lost 26,000 jobs amid an industry slump.

But the wholesale and retail sector added 11,000 more jobs in October, marking the first period of on-year growth since May 2019, Statistics Korea said.

The welfare and social service segment added 104,000 jobs, and the science and technology service sector gained 76,000 new positions last month.

Hiring grew by 75,000 in the information and telecommunication sector and by 52,000 in accommodation and dining, the data showed

“October's job growth came as demand for care and welfare services has risen, and people have returned to pre-pandemic normalcy,” agency official Seo Un-joo said.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]