Seoul: South Korea's on-year employment growth slowed significantly in 2024 as the number of new hires fell in the manufacturing and retail sectors, and among young people, data showed Wednesday. The number of employed people increased 159,000, or 0.06 percent, from a year earlier to 28.58 million in 2024, according to the data compiled by Statistics Korea.
According to Yonhap News Agency, job creation had been more robust in the immediate post-pandemic period, with 816,000 new positions added in 2022, the largest on-year growth since 2000. The pace of growth slowed to 327,000 in 2023 before declining further in 2024. By sector, the construction sector shed 49,000 jobs in 2024, the most since 2013. The wholesale and retail sector also lost 61,000 jobs, extending its losing streak to the seventh year. The medical and social welfare service segment added 83,000 new jobs.
By age, jobs for those aged 60 and older rose by 266,000 on-year, the largest increase among all age groups. In contrast, the number of jobs for those aged 15-29 dropped by 124,000 amid the dwindling population of the age group. "The overall employment figure turned to a decline as the number of employed people decreased across industries, including construction, manufacturing, and wholesale and retail sectors," said Suh Woon-ju, an official at Statistics Korea.
The country's jobless rate inched up 0.1 percentage point to 2.8 percent in 2024. The employment rate of people aged 15-64 rose 0.3 percentage point on-year to 69.5 percent, the highest figure since the statistics agency began compiling related data. Meanwhile, the country posted a net loss of 52,000 jobs from a year earlier in December, a sharp contrast to the 120,000 jobs added the previous month. This marked the first on-year decline in employment in three years and 10 months.