July 6, 2022

South Korea in a sign of the country’s economic recovery reported new job additions for the eighth straight month in October.

According to the data compiled by Statistics Korea, the number of employed people reached 27.74 million last month, 652,000 more than a year earlier.

In September, the reading was lower than an on-year increase of 671,000 when the country reported the largest job additions in more than seven years.

However, the country since March has reported job growth as its economy recovers from the pandemic. In October, it also added more than 600,000 jobs for the second consecutive month.

According to Finance Minister Hong Nam-ki, the job market in the country has improved to almost near pre-pandemic levels last month as job recovery in the private sector has continued.

The data showed

• That the number of unemployed people came to 788,000 in October, down 241,000 from the previous year.
• The country’s jobless rate last month fell 0.9 percentage point on-year to 2.8 percent.
• While the unemployment rate for young adults those aged between 15 and 29 fell 2.7 percentage points on year to 5.6 percent.
• The number of non-economically active people fell 116,000 on-year to 16.6 million last month.
• The wholesale and retail sector reported a fall of 113,000 jobs.
• The arts, sports and leisure segment recorded jobs to decrease 26,000 on-year.
• The accommodation and food service sector recorded job growth by adding 22,000 jobs on-year in the reporting month.
• The manufacturing sector reported an on-year fall of 13,000 jobs last month.
• In October, the number of permanent workers grew 615,000 on-year.
• Temporary workers rose 219,000.
• However, jobs for day laborers fell 162,000 on-year.

According to BOK, it forecasts the number of employed people to increase 200,000 this year and 240,000 next year.

It also expects the country’s economy to grow 4.2 percent this year on the back of robust exports. The finance ministry forecast more upbeat growth of 4.2 percent.

The COVID-19 pandemic last year pummelled South Korea’s job market, as the number of employed people fell by 220,000.