Job additions rise over 100,000 for 3rd month in September; construction jobs fall by most

Korea added more than 100,000 jobs for the third consecutive month in September, but jobs in the construction sector fell by the most ever amid an industry slowdown, data showed Wednesday.

The number of employed people came to 28.84 million last month, up 144,000 from a year earlier, according to the data compiled by Statistics Korea.

In July, the monthly job additions bounced back to over 100,000 for the first time in three months to come to 172,000, and the country added 123,000 new jobs the following month.

But the job growth remained relatively weak as the country added more than 300,000 new jobs in the first two months of 2024.

September’s job growth was led by more positions for older adults.

Jobs for those aged 60 and older rose by 272,000 on-year, and those for people in their 30s and 50s climbed 77,000 and 25,000, respectively.

But those in their 20s had 150,000 fewer jobs last month, and people in their 40s also saw jobs decline by 62,000 on-year, as the total population among those age groups has fallen, according to the agency.

By sector, new hiring in the information and communications field gained 10.1 percent, or 105,000, on-year, and jobs in the science and technology service sector went up 6.1 percent, or 83,000.

But jobs in the construction sector fell by 4.6 percent, or 100,000 positions, marking the largest on-year decline since the agency began compiling relevant data in 2013.

The construction sector has lost jobs for five months in a row, as the industry has shown poor performances amid high interest rates and unfavorable weather conditions, among other factors, according to the agency.

The manufacturing sector shed 49,000 jobs in September, extending the losing streak to a third month.

The wholesale and retail sector also lost 104,000 jobs last month, the sharpest fall since November 2021, amid weak domestic demand.

The employment rate among people aged 15 and older went up 0.1 percentage point to 63.3 percent, the highest level for any September since the agency began compiling the data in 1982.

The employment rate of people aged 15-64 grew 0.3 percentage point to 69.9 percent last month, which also marked the highest level for any September since 1989.

But the rate of people aged 15-29 fell 0.7 percentage point from a year earlier to 45.8 percent.

The number of economically inactive people went up 54,000 on-year to 16.22 million last month.

Of them, the number of people who said they were simply out of work for having a rest rose 10.3 percent, or 231,000 people, to come to 2.48 million, and the figure rose 18.5 percent among the people aged 15-29, the largest gain in 44 months, over tough job market circumstances.

The jobless rate fell 0.2 percentage point to 2.1 percent last month, the data showed.

“Major employment indices have been positive, but difficulties continued for young people and other vulnerable classes,” Finance Minister Choi Sang-mok said during an economy-related ministers’ meeting.

“The government will improve treatment for well-trained construction workers, extend job training programs for young people and implement other tailored supportive measures actively,” Choi added. (Yonhap)