Home > Business > Economy

Korea adds more than 120,000 jobs in November, slightly up from October

Published: 11 Dec. 2024, 10:16

A job seeker checks postings at an employment center in Seoul on Nov. 13. [NEWS1]

Korea added more than 120,000 jobs in November, showing a slight uptick from the previous month but remaining in the 100,000 range, data showed Wednesday.

The number of employed people aged 15 years and older came to 28.82 million as of the end of last month, up 123,000 from a year earlier, according to the data compiled by Statistics Korea.

The country's monthly job additions surpassed the 100,000 mark in July for the first time in three months, reaching 172,000. This was followed by increases of 123,000 in August and 144,000 in September, but growth slowed to 83,000 in October.

The slow job growth in November was attributed to losses in key sectors such as wholesale and retail, construction and manufacturing.

Employment in the construction sector dropped by 96,000 from the same month last year, marking a continuous decline for seven consecutive months.

Jobs in wholesale and retail fell by 89,000, extending their downward spiral for the ninth straight month, as they struggled with weak domestic demand.

In the manufacturing sector, employment recorded its steepest decline in 18 months, falling by 95,000.

"The number of jobs in manufacturing has been decreasing for five consecutive months," said Suh Woon-ju, an official at Statistics Korea. "The sharpest declines were seen in electronic components, clothing and paper products, among other areas."

In contrast, new hiring in the public health and social welfare field gained 113,000 on year last month, and jobs in the science and technology service sector went up by 71,000.

November's modest job growth was primarily driven by hiring among older adults.

Employment for those aged 60 and older rose by 298,000 on year. Jobs for people in their 30s and 50s increased by 89,000 and 7,000, respectively.

However, employment for younger age groups saw sharp declines.

Jobs for those in their 20s fell by 170,000, while employment among those in their 40s decreased by 91,000 on year. Statistics Korea said that the overall population in these age groups has also been shrinking.

Yonhap