South Korea’s job market sees strong growth in January
- Josephine Tan
- Topics: Home Page - News, Mobility, News, South Korea
South Korea experienced a surge in employment in January, adding over 300,000 jobs for the first time in three months. Data released by Statistics Korea revealed that the country’s manufacturing sector experienced consecutive growth in hiring for the second consecutive month.
The total number of employed individuals reached 27.74 million last month, marking an increase of 380.000 compared to the previous year.
January’s job growth also recorded the highest year-on-year increase since March 2023, with the country witnessing a rise in hiring for the third consecutive month. The employment rate among individuals aged 15-64 rose by 0.9 percentage points compared to the previous year, reaching 68.9%, the highest figure for any January data since data collection began in 1989.
However, despite the overall positive trend, the unemployment rate edged up slightly to 3.7% compared to the previous year. This uptick resulted in 1.07 million individuals unemployed, marking the third consecutive month of increase.
An official from the statistics agency attributed the rise in unemployment to a combination of base effects and an increase in public job openings in January. The data also revealed a shift in employment dynamics, with job opportunities for senior citizens experiencing significant growth, while younger demographics faced challenges, extending the losing streak for those aged 15-29 to the 15th month.
READ MORE: Employers in South Korea likely to hire more in 2024
In terms of sectors, manufacturing led the job market with an additional 20,000 positions in January. The medical and social welfare service segment saw an increase of 104,000 new positions, followed by the science and technology service sector with 73,000 jobs.
Kim Byoung-hwan, First Vice Finance Minister of South Korea, expressed optimism about the state of the job market, highlighting that the data indicated a robust employment landscape. “Concerns, however, linger over geopolitical uncertainties and the sluggish construction sector. The government will thoroughly check such downside risks and beef up measures to spur domestic demand and support women’s participation in economic activities,” he added, reported The Korea Times.
