Korea's job market growth slows in June for 3rd consecutive month

Korea's job market growth slowed for a third consecutive month in June, while solid job additions among those over 60 resulted in stronger-than-expected statistics, data showed Wednesday. The number of employed people came to 28.81 million in June.

A visitor reviews her resume before having a mock interview at a job fair held at Coex, southern Seoul, on July 3. [YONHAP]

Korea's job market growth slowed for a third consecutive month in June, while solid job additions among those over 60 resulted in stronger-than-expected statistics, data showed Wednesday.

The number of employed people came to 28.81 million in June, up around 333,000 from a year earlier, according to Statistics Korea data.

Korea's on-year job additions slowed for nine consecutive months through February before rebounding in March, when they rose 469,000 on year. The growth slowed in April and May.

Last month, the country's jobless rate fell 0.3 percentage points on year to 2.7 percent.

The unemployment rate was the lowest since the agency compiled the data under the current criteria in 1999.

Korea's employment rate reached 63.5 percent, marking the highest level since the agency started compiling the data in 1982.

The job market, however, remained challenging for the younger workforce, as older workers took up most of the growth.

Positions for those aged 60 and above rose 343,000, with those for people in their 50s rising 71,000.

Jobs for Koreans in their 30s managed to edge up just 70,000, while for those in their 20s decreased by 103,000. The number of jobs for people in their 40s fell by 34,000.

"We need to consider the impact of the falling population, considering figures for the younger generation," an official from the agency said.

By sector, the number of jobs in the welfare and social service segment moved up 126,000, and those in the accommodation and restaurant sector advanced 116,000 as more people returned to the pre-pandemic normalcy.

Jobs in the science and technology segment also gained 98,000 over the period.

On the other hand, the number of jobs in the construction sector declined by 62,000 amid economic uncertainties, and those in the transportation industry fell by 39,000.

The number of jobs in the real estate sector also dropped by 32,000 amid the slump in the property market.

Meanwhile, the employment-to-population ratio of Koreans aged 15-64 edged up 0.8 percentage points to 69.9.

For the remainder of 2023, the Finance Ministry said in a separate report that the number of jobs in the manufacturing and construction sectors is anticipated to limit the on-year increase.

The ministry added the robust exports of automobiles, as well as the potential resurgence of the information technology industry, are considered positive factors that could bolster ongoing job growth.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]