South Korea Adds 193,000 Jobs in October; Youth Employment Remains Weak
South Korea recorded a net gain of 193,000 jobs in October, maintaining this year's positive momentum in overall employment, according to government data released Wednesday by Yonhap.
The Ministry of Data and Statistics reported that the total number of employed people reached 29.04 million last month, marking a steady labor market recovery after a temporary setback last December, when the country lost 52,000 jobs.
Trends in Employment Growth
Job creation has fluctuated throughout the year: 245,000 new positions were added in May, followed by 183,000 in June, and a strong increase of 312,000 in September.
“The increase underscores a continued upward trend in employment,” the report stated.
Challenges in Key Sectors
Despite overall growth, job numbers declined in the manufacturing and construction sectors. Manufacturing, often viewed as the backbone of the South Korean economy, shed 51,000 jobs from a year earlier, marking a downturn for the 16th consecutive month. The construction sector also remained under strain, losing 123,000 positions and extending its slump to 18 straight months.
Demographic Employment Shifts
The October job gains were largely fueled by increased hiring among older workers. Employment among those aged 60 and above rose by 334,000 compared to last year, and jobs for workers in their 30s increased by 80,000. Meanwhile, younger age groups continued to experience employment declines.
Summary
South Korea’s job market showed resilience in October, with older workers driving gains as manufacturing and construction remained weak.