Korea's job growth slows in November

Jobs are listed at a job fair for people over the age of 60, held in Eunpyeong District, northern Seoul. [NEWS1]

Korea's on-year employment grew at a slower pace for the first time in four months in November, Statistics Korea data showed Wednesday.

November saw more people over 60 getting jobs while the young adult workforce shrank.

The number of employed people rose by 277,000 from a year earlier to come to 28.69 million last month, slowing from the previous month's 346,000, according to Statistics Korea Wednesday.

Monthly job additions fell below 300,000 in July but rose to 268,000 in August and recovered to the 300,000 level in October.

"The slowdown in job growth is due mainly to a high base effect as society has returned to pre-pandemic normalcy. The annual employment remains quite solid," an agency official said.

Hiring has logged on-year growth since March 2021.

The employment rate of people aged 15 to 64 rose 0.6 percentage points on-year to 69.6 percent last month, the highest for any November since the statistics agency began compiling related data in 1989.

The country's unemployment rate stood at 2.3 percent in November, unchanged from a year earlier.

But the number of unemployed people went up by 11,000 from a year earlier to 677,000 last month, which marked the first upturn since March 2021, according to the agency.

November's job growth was led by more positions for older adults.

Jobs for those aged 60 and older rose by 291,000 on-year, the largest increase among all age brackets.

Those in their 30s and 50s also had more jobs for them last month.

But the number of jobs for those aged 15-29 dropped by 67,000, the 13th consecutive on-year fall since November last year, amid the dwindling population of the age group.

People in their 40s also saw 62,000 fewer positions last month.

By sector, the manufacturing sector shed 11,000 jobs in November, extending the losing streak for the 11th month.

The education service field shed 57,000 jobs, and the real estate sector lost 30,000 jobs amid the industry slump.

However, the data showed that the science and technology sector added 89,000 new positions, and the medical and social welfare service segment had 85,000 more jobs.

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