south korea

January Job Growth In South Korea Is High

south korea

south korea

In January, employment in South Korea increased for the first time in three months, adding over 300,000 new jobs. Statistics Korea reported that employment in the country’s industrial sector grew for a second consecutive month.

As of last month, there were 27.74 million employed individuals, which is 380.000 higher than the previous year.

Additionally, hiring climbed countrywide for the third consecutive month in January, contributing to the highest year-over-year increase in employment since March 2023. The employment rate for those between the ages of 15 and 64 hit 68.9% in January, the highest level of any January since data gathering began in 1989, up 0.9 percentage points from the previous year.

However, despite the overall rising trend, the unemployment rate rose slightly to 3.7% compared to the previous year. This increase resulted in 1.07 million unemployed people—the third straight month of increases.

Related link: AI Revolution In South Korea Addresses Labour Shortage

A statistics office official explained the increase in unemployment as the result of base effects plus more public job postings in January. The data also showed a change in the employment landscape, with senior persons seeing a notable increase in job prospects and younger demographics facing difficulties, with the 15-month losing streak for those in this age group.

With an extra 20,000 jobs in January, the manufacturing industry dominated the job market in terms of sectors. There were 104,000 more jobs in the medical and social welfare service industry, and 73,000 more in the research and technology service sector.

The First Vice Finance Minister of South Korea, Kim Byoung-hwan, expressed optimism regarding the job market’s current situation, emphasizing that the data showed a strong employment environment. But worries about geopolitical unpredictability and the weak building industry persist. According to The Korea Times, he continued, “The government will closely monitor such negative risks and intensify initiatives to boost domestic demand and encourage women’s involvement in economic activities.”

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