Job growth tops 100,000 for third month despite construction struggles

Home > Business > Economy

Job growth tops 100,000 for third month despite construction struggles

Published: 16 Oct. 2024, 10:33

SHIN HA-NEE
shin.hanee@joongang.co.kr

Job seekers look at job notices at an employment center in Mapo District, western Seoul. [NEWS1]

The number of employed people rose by more than 100,000 for the third month in a row in September despite a continued steep fall in the construction sector, data showed Wednesday.

According to the data compiled by Statistics Korea, the number of employed people came to 28.84 million last month, up 144,000 from a year earlier.

In July, the monthly job additions bounced back to more than 100,000 for the first time in three months to reach 172,000, and the country added 123,000 new jobs the following month.

However, job growth remained relatively weak as the country added more than 300,000 new jobs in the first two months of 2024.

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

Jobs for those aged 60 and older rose by 272,000 on year, and those for people in their 30s and 50s climbed 77,000 and 25,000, respectively.

However, those in their 20s had 150,000 fewer jobs last month, and people in their 40s also saw jobs decline by 62,000 on year, as the total population among those age groups has fallen, according to the agency.

By sector, new hiring in the information and communications field gained 10.1 percent, or 105,000, on year, and jobs in the science and technology service sector went up 6.1 percent, or 83,000.

On the other hand, jobs in the construction sector fell by 4.6 percent, or 100,000 positions, marking the largest on-year decline since the agency began compiling relevant data in 2013.

The construction sector has lost jobs for five months in a row. The decline was due mainly to poor industry performances amid high interest rates and unfavorable weather conditions, among other factors, according to the agency.

The manufacturing sector shed 49,000 jobs in September, extending the losing streak to a third month.

The wholesale and retail sector also lost 104,000 jobs last year, the sharpest fall since November 2021.

The employment rate among people aged 15 and older went up 0.1 of a percentage point to 63.3 percent, the highest level for any September since the agency began compiling the data in 1982.

The employment rate of people aged 15 to 64 grew 0.3 of a percentage point to 69.9 percent last month, which also marked the highest level for any September since 1989.

The number of economically inactive people went up 54,000 on year to 16.22 million last month, while the jobless rate fell 0.2 of a percentage point to 2.1 percent last month, the data showed.

BY SHIN HA-NEE, YONHAP [shin.hanee@joongang.co.kr]