Job growth in Korea slips below 100,000 in October as key sectors weaken

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Job growth in Korea slips below 100,000 in October as key sectors weaken

Published: 13 Nov. 2024, 09:56 Updated: 13 Nov. 2024, 13:58

Job seekers check job postings at an employment center in Seoul on Nov. 6. [NEWS1]

Korea added less than 100,000 jobs in October for the first time in four months primarily due to a slowdown in the wholesale, retail and construction sectors, data showed Wednesday.

The number of employed people aged 15 years and older came to 28.85 million as of the end of October, up 83,000 from a year earlier, according to the data compiled by Statistics Korea.

In July, monthly job additions exceeded 100,000 for the first time in three months, reaching 172,000. This was followed by increases of 123,000 new jobs in August and 144,000 in September.

October's on-year increase marks the smallest monthly gain since May, when the country reported a job increase of 80,000.

The slower job growth in October was mainly due to job losses in sectors like wholesale and retail, as well as construction, despite gains in health care, education and science and technology.

Employment in the wholesale and retail sectors dropped by 148,000 compared to the same month last year, continuing a downward trend for the eighth consecutive month.

The monthly decline is also the largest since July 2021, when 186,000 wholesale and retail jobs were lost.

The number of people employed in the construction sector fell by 93,000 in October, marking six straight months of decline, according to Statistics Korea.

"The decrease in retail jobs appears to have extended to wholesale sectors as well," Suh Woon-ju, a Statistics Korea official, said in a press briefing.

In contrast, new hiring in the public health and social welfare field gained 97,000 on year last month, and jobs in the science and technology service sector went up by 77,000.

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

Jobs for those aged 60 and older rose by 257,000 on year, and those for people in their 30s and 50s climbed 67,000 and 12,000, respectively.

But those in their 20s had 175,000 fewer jobs last month, and people in their 40s also saw jobs decline by 72,000 on year, the agency said, adding the overall number of people in the two age groups has also fallen.

Yonhap