South Korea sees a rise in job growth and a fall in unemployment

South Korea saw its employment rise for the second consecutive month this year, with a 1.1% increase in employment from the year before.
By: | October 17, 2023

South Korea’s employment growth in for the second consecutive month in September, but amidst an economic slowdown, employment in the manufacturing sector fell the most in five months, reported The Korean Herald.

The number of employed people in South Korea totalled up to 28.69 million last month, an increase from 309,000 from a year earlier, or 1.1%, according to the data compiled by Statistics Korea. Employment in turn has seen more growth since March 2021, with more than 300,000 jobs added for the first time in three months. Monthly job additions increased sharply in August after four months of slow growth.

The employment rate of people aged 15 and older rose by 0.5 % point on-year, increasing to 63.2 % last month, the highest for any September since South Korea’s statistics agency began compiling related data in 1982.

The country’s unemployment rate fell to 2.3 % in September, falling by 0.1% from the same time a year earlier. The number of employees aged 60 and over grew the most in September, at 354,000 new positions on-year. The number of employees aged 30 rose by 56,000 and employees in their 50s saw a rise by 45,000. Jobs taken by employees aged 15-29 however fell by 89,000.

By sector, the manufacturing sector shed 72,000 jobs in September, the largest figure since April, when 97,000 jobs were lost. The welfare and social service segment added 118,000 new jobs, and the science and technology service sector increased by 67,000 new jobs last month.

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Some 66,000 jobs were also added in the accommodation and restaurant sector.

But the number of jobs in the wholesale and retail sector fell 17,000, and the real estate sector lost 36,000 jobs, the data showed.