Korea’s job growth slowest in 29 months in July

[Photo by Yonhap]

South Korea added 211,000 jobs in July from a year ago, the slowest growth pace in 29 months as the number of jobs in the manufacturing and construction sectors continued to decline.

According to data released by Statistics Korea on Wednesday, the total number of employed stood at 28.69 million in July, up 211,000 from the same period a year ago. The growth has slowed sharply to the 200,000 range from 300,000~400,000 maintained in the early months of this year.

The growth has slowed for the fourth consecutive month, recording the lowest in 29 months since February 2021 when the figure fell by 473,000.

By industry, the manufacturing sector lost 35,000 jobs in July, a decline for a seventh straight month, and construction 43,000 jobs, falling for an eighth straight month.

The healthcare and social welfare service sector, on the other hand, added 145,000 jobs and accommodation and food services 125,000.

By age, 298,000 jobs were added in the group of individuals aged 60 and over. Other age groups saw jobs fall by 87,000.

The number of full-time workers added 513,000 jobs in July from a year ago while the number of day-to-day laborers declined by 188,000 and temporary workers 144,000.

The employment rate of people aged 15 and older came to 63.2 percent in July, up 0.3 percentage point from a year earlier. This is the highest rate for the same month since monthly data started being compiled in July 1982.

The number of unemployed fell by 30,000 from a year ago to 807,000 in July. The jobless rate stood at 2.7 percent, down 0.2 percentage point from the previous year, the lowest on a monthly basis since June 1999 when relevant data began being compiled.

“The number of employed people continues to increase due to growing demand for caregiving and increased outdoor activities, but the growth slowed from the previous month due to the impact of heavy rains and the construction economy,” said Seo Woon-ju, an official from Statistics Korea.