ANN/THE KOREA HERALD – South Korea saw an increase of over 130,000 jobs in January, reversing an on-year decline recorded in the previous month.
However, employment in the construction sector experienced a record drop amid an industry slowdown, according to newly released data.
As of the end of January, the total number of employed individuals stood at 27.88 million, reflecting a rise of 135,000 compared to the same period last year, based on figures compiled by Statistics Korea.
In contrast, December saw a net job loss of 52,000 on an annual basis, marking the first decline in employment in nearly four years. Job growth, which had been in the 200,000-300,000 range earlier in 2024, dropped significantly to 80,000 in May and has since remained around the 100,000 mark, the agency reported. The modest job growth in January was weighed down by significant losses in key industries, particularly construction and manufacturing.
Employment in the construction sector declined by 169,000 compared to the previous year, extending its downward trend for the ninth consecutive month.
The figure also represented the largest annual decline since Statistics Korea began tracking relevant data in 2013.
The construction industry has been showing poor performances amid high interest rates and unfavourable weather conditions, among other factors, according to the agency.
In the manufacturing sector, employment extended its decline to the seventh month, losing 56,000 job positions from a year earlier in January.
In contrast, hiring in the public health and social welfare field gained 119,000, and jobs in the science and technology service sector went up by 98,000.
“Employment in the construction industry continues to decline due to weak market conditions,” an official from the agency Gong Mi-sook said. She added that the resumption of direct job creation programmes in January helped employment in the health care and social welfare sectors to rebound.
Meanwhile, employment in the wholesale and retail sector fell by 91,000, extending losses for the 11th consecutive month.
January’s modest job growth was primarily driven by hiring among older adults.
Employment for those aged 60 years and older rose by 340,000 on-year. Jobs for people in their 30s went up by 98,000.
