South Korea’s Job Market Booms with 180,000 New Positions in June!

South Korea’s Job Market Shows Mixed Signals in June

South Korea’s job market displayed resilience in June, adding over 180,000 jobs and marking the sixth consecutive month of employment growth. However, key sectors like manufacturing and construction continued to struggle, according to data released Wednesday by Statistics Korea.
The total number of employed individuals reached 29.09 million last month, representing an increase of 183,000 compared to the same period last year.
This uptick follows a brief contraction in December when the country experienced a net loss of 52,000 jobs. Since then, the job market has rebounded, with steady increases each month.
The employment rate for individuals aged 15 to 64 climbed to 70.3 percent in June, a 0.4 percentage point increase from the previous year. Simultaneously, the unemployment rate edged down slightly to 2.8 percent.
Despite the overall positive trend, some sectors continue to face challenges.
The manufacturing sector, a cornerstone of the Korean economy, shed 83,000 jobs compared to last year, marking its 12th consecutive month of decline.
The construction industry also remained under pressure, losing 97,000 jobs over the same period, extending its downturn to 14 straight months.
The agriculture sector was hit particularly hard, with a significant loss of 141,000 jobs, translating to an 8.7 percent drop.
However, there were bright spots in other areas of the economy. The public health and social welfare sector saw robust growth, adding 216,000 jobs. The science and technology services sector also performed well, creating 102,000 new positions. Education services contributed to the positive trend with 72,000 additional jobs.
A notable aspect of June’s job growth was the surge in employment among older adults.
The number of employed individuals aged 60 and above jumped by 348,000 compared to the previous year. The 30-39 age group also saw an increase of 116,000 jobs.
In contrast, younger demographics faced challenges in the job market.
Employment for those in their 20s declined by 152,000, while individuals in their 40s and 50s saw decreases of 55,000 and 53,000 jobs, respectively.
As of the end of June, the number of economically inactive people in South Korea rose by 42,000, reaching 15.8 million.
This mixed picture suggests that while the overall job market is showing signs of recovery, significant disparities persist across different sectors and age groups.

(Yonhap)