July 7, 2022

South Korea continued to record growth in job additions in November for the ninth straight month amid the economic recovery. However, employments in in-person service sectors still remained under strain due to the latest upsurge in COVID-19 cases.

According to the data compiled by Statistics Korea, the number of employed people reached 27.79 million last month, 553,000 more than a year earlier. The job recovery has been attributed to robust exports and changes in industrial structures.

Job growth summary –

• In the reporting month, the number of unemployed people came to 734,000, down 233,000 from the previous year.
• Last month, the jobless rate fell 0.8 percentage point on-year to 2.6 percent.
• The unemployment rate for young adults, aged between 15 and 29 fell 2.6 percentage points on-year to 5.5 percent.
• The number of economically inactive people, those who are neither working nor actively seeking jobs or people outside the labor last month force fell 23,000 on-year to 16.65 million.
• The job recovery across sectors continued to remain uneven, as some in-person service segments are suffering job strain due to the latest increase in COVID-19 cases.
• The wholesale and retail sector in the reporting month declined by 123,000 jobs.
• The arts, sports and leisure segment saw jobs decline 22,000 on-year.
• In November, the accommodation and food service sector reported 86,000 job loss on-year, revising from an on-year gain of 22,000 in October.
• The manufacturing sector, recorded an on-year increase of 51,000 jobs last month, a backbone of the country’s economy.
• In November, the number of permanent workers grew 611,000 on-year, and that of temporary workers rose 106,000.
• The number of day laborers and people who hired workers to run their businesses has been on the decline, despite the overall job recovery that has been hit hard by the pandemic.
• In November, jobs for day laborers fell 175,000 on-year, and the self-employed who hired workers reported an on-year decline of 4,000.
• However, the number of the self-employed who did not hire workers rose 42,000 from a year ago.
The Bank of Korea (BOK) forecast the number of employed people to increase 350,000 this year and 250,000 next year.