South Korea Adds 193,000 Jobs in October; Youth Employment Remains Weak
South Korea's employment rose by over 190,000 jobs in October, maintaining this year's upward trend in the labor market, according to government data released Wednesday by Yonhap.
Overall Employment Growth
The total number of employed people reached 29.04 million last month, an increase of 193,000 compared to the previous year, based on data from the Ministry of Data and Statistics. This growth follows a brief setback in December last year, when the country experienced a net loss of 52,000 jobs.
The labor market showed steady improvement throughout the year, adding 245,000 jobs in May, followed by 183,000 in June, and then a sharp rise to 312,000 in September.
Sector-Specific Employment Trends
Despite overall gains, employment in manufacturing and construction sectors faced continued declines. The manufacturing sector, key to South Korea's economy, lost 51,000 jobs year-on-year in October, marking its 16th consecutive month of job losses.
Similarly, the construction industry declined for the 18th straight month, shedding 123,000 jobs.
Age Group Employment Breakdown
Job gains were primarily driven by older workers. Employment among those aged 60 and above surged by 334,000 compared to last year. Workers in their 30s also experienced an increase of 80,000 jobs.
Conversely, younger age groups saw significant declines in employment.
“Despite overall growth, employment data in the manufacturing and construction sectors remained sluggish.”
Summary: South Korea's job market improved broadly in October, fueled by older workers, while manufacturing, construction, and youth employment continued to decline.