Korea adds 333,000 jobs in June though growth slows

Seo Woon-joo, a director at Statistics Korea, announces employment trends for June, 2023 at the Sejong Government Complex in Sejong City on July 12. [Photo by Yonhap]

South Korea added more than 300,000 jobs for the third straight month in June but growth slowed as the number of young people joining the labor market declined.

According to data released by Statistics Korea on Wednesday, the total number of employed workers stood at 28.8 million in June, up 333,000 from the same period a year ago. The gain, however, slowed from the previous two months in April (354,000) and May (351,000).

The number of employed has been gaining between 300,000 and 400,000 this year. The growth stood at 312,000 in February and 469,000 in March before falling to the 300,000 range in April.

Job growth in June was led by those aged 60 and older, with 343,000 additions. The number of employed among those aged 15 and 29 fell 117,000 in June from the same month a year ago, marking eight straight months of decline.

The payroll gains for individuals in their 30s stood at 70,000 in June, and those in their 50s 71,000. The number of job gains for those in their 40s, however, fell by 34,000.

“The job decline in young workers is due to an overall fall in the population and low employment in manufacturing and wholesale sectors,” said Seo Woon-joo, a director at Statistics Korea.

Employment in the health and welfare sector gained 126,000 in June, accommodation and restaurant 116,000, and technology and science 98,000.

The manufacturing industry, on the other hand, saw its sixth consecutive month of job decline. The number of employed in the sector fell by 10,000 in June from a year ago, but the decline slowed compared to the previous months.

Full-time workers increased by 546,000 in June, while temporary workers fell by 133,000 and day-to-day laborers by 115,000.

The number of those who work more than 36 hours rose by 237,000 and those who work less than 36 hours increased by 115,000.

The employment rate for those aged 15 years and older came to 63.5 percent, up 0.6 percentage points from a year ago. The employment rate of people aged between 15 and 64, the standard of the Organization for Economic Cooperation and Development (OECD), rose 0.8 percentage point on year to 69.9 percent.

The number of jobless people reached its lowest of 807,000 for any June data since 2008. The jobless rate stood at 2.7 percent, down 0.3 percentage points, the lowest for the month since June 1999.

The economically inactive population that is neither working nor actively seeking jobs fell by 118,000 to 15.76 million in June.