Korea adds over 300,000 jobs for a 2nd month in February

[Photo by Yonhap]

South Korea added more than 300,000 jobs for a second month in February but growth slowed from a month ago amid a slowdown in domestic demand.

According to data released by Statistics Korea on Wednesday, the total number of employed workers stood at 28.04 million in February, up 329,000 from the same month a year ago.

In January, the number of employed increased by 380,000 from the same month a year earlier, after gaining 277,000 in November 2023 and 285,000 in December.

The number of employed among those aged 60 and above increased by 297,000 from the same month a year ago in February while that of those in their 50s gained 84,000 and 30s increased 71,000.

The number of employed among those aged 15 and 29, however, fell 61,000 in February from the same month a year ago, marking a 16th straight month of decline.

The figure for those in their 40s also went down by 62,000 in February, continuing a downward trend for a 20th month.

Job additions were mainly led by the public administration, defense, and social security administration sector, which added 98,000 jobs in February. The gain is attributed to an increase in related hiring ahead of the April 10 general elections.

The information and communications sector also added 80,000 jobs and the professional, scientific, and technical services sector gained 78,000 jobs.

The manufacturing sector also added 38,000 jobs in February from a year ago, which marks the third straight month of gain amid improving exports.

“The manufacturing industry is usually affected by exports and the economy,” said Seo Woon-joo, a director of Statistics Korea. “The decline in the electrical and electronic sector has narrowed, while the growth in the food, automobile and other machinery sectors has strengthened.”

[Graphics by Song Ji-yoon]

The accommodation and restaurant sector lost 2,000 jobs in February, following a loss of 8,000 jobs in January. Wholesale and retail sector added 2,000 jobs in February.

The employment rate for those aged 15 and above came to 61.6 percent, up 0.5 percentage point from a year ago and the highest for the month of February since 1982.

The employment rate for those aged between 15 and 64 came to 68.7 percent in February, up 0.7 percentage point from a year ago. It is the highest figure for the month of February since the agency began compiling related data in 1989.

The jobless rate rose 0.1 percentage point to 3.2 percent in February.

The number of unemployed stood at 915,000 in February, up 25,000 from a year ago. The figure gained for a fourth straight month.