A jobseekers checks the job posting board at an employment heart in Seoul, Jan. 2. Yonhap
Korea’s on-year employment development slowed considerably in 2024 because the variety of new hires fell within the manufacturing and retail sectors, and amongst younger individuals, knowledge confirmed Wednesday.
The variety of employed individuals elevated 159,000, or 0.6 %, from a yr earlier to twenty-eight.58 million in 2024, in response to the info compiled by Statistics Korea.
Job creation had been extra sturdy within the rapid post-pandemic interval, with 816,000 new positions added in 2022, the most important on-year development since 2000.
The tempo of development slowed to 327,000 in 2023 earlier than declining additional in 2024.
The 2024 tally additionally hovers under the newest authorities forecast of 170,000 job additions.
By sector, the development sector shed 49,000 jobs in 2024, the sharpest decline because the knowledge was first compiled in 2013.
The wholesale and retail sector additionally misplaced 61,000 jobs, extending its dropping streak to the seventh yr.
Employment within the enterprise services administration and rental providers sector fell by 52,000, marking its first decline since 2018, largely because of the downturn in building.
The medical and social welfare service phase added 83,000 new jobs.
By age, jobs for these aged 60 and older rose by 266,000 on-year, the most important enhance amongst all age teams.
In distinction, the variety of jobs for these aged 15-29 dropped by 124,000 amid the dwindling inhabitants of the age group.
„The general employment determine turned to a decline because the variety of employed individuals decreased throughout industries, together with the development, manufacturing, and wholesale and retail sectors,“ mentioned Suh Woon-ju, an official at Statistics Korea.
The nation’s jobless price inched up 0.1 proportion level to 2.8 % in 2024.
The employment price of individuals aged 15-64 rose 0.3 proportion level on-year to 69.5 %, the very best determine because the statistics company started compiling associated knowledge.
In the meantime, the nation posted a internet lack of 52,000 jobs from a yr earlier in December, a pointy distinction to the 120,000 jobs added the earlier month.
This marked the primary on-year decline in employment in three years and 10 months.
Suh mentioned the decline in retail employment worsened, whereas development in transportation, storage and lodging providers continued however at a slower tempo. (Yonhap)
