South Korea saw an increase of 206,000 jobs in March, surpassing the 200,000 mark for the second consecutive month. However, youth employment and the manufacturing sector continued to face challenges. The total number of employed individuals reached 28.79 million last month, marking a 0.7 percent rise from the previous year, as per data from the Ministry of Data and Statistics.
Job growth, which had slowed down in the past two months, rebounded to the 200,000 range in February. Despite this overall positive trend, employment among individuals aged 15 to 29 declined by 147,000 in March. This marked the 41st consecutive month of yearly decline in this age group, with the employment rate dropping by 0.9 percentage points to 43.6 percent.
The health care and social welfare sector led the job growth by adding 294,000 positions, representing a 9.4 percent increase from the previous year. On the other hand, the manufacturing sector, a crucial component of the South Korean economy, lost 42,000 jobs compared to the previous year, extending its downturn to the 21st consecutive month. The construction sector also experienced a decline of 16,000 jobs, marking the 23rd straight month of losses.
Employment in the wholesale and retail sector decreased by 18,000 jobs, the first yearly decline since April of the previous year. This drop was attributed to structural changes such as the rise of online shopping and increased automation, leading to reduced employment in retail industries. Additionally, the accommodation and food service sector lost 2,000 jobs, remaining in negative territory for the fifth consecutive month since November.
