Korea experienced a significant boost in employment in February, adding nearly 330,000 new jobs, largely driven by increased opportunities for senior workers and expansion in the manufacturing sector amidst a rise in exports.
According to data released by Statistics Korea on Wednesday, the country recorded a total of 28.04 million employed individuals, marking a notable increase of 329,000 jobs compared to the same period last year. While this growth rate slightly slowed from January's addition of 380,000 jobs, the overall employment landscape remains promising.
The surge in job opportunities for individuals aged 60 and above, particularly within government positions, contributed significantly to the overall increase, with 297,000 new jobs recorded in this age group. Additionally, employment for those in their 50s saw a notable rise of 84,000 positions, while individuals in their 30s witnessed an increase of 71,000 jobs. However, the youth demographic, aged between 15 and 29, continued to face challenges, with a decline of 61,000 jobs for the 16th consecutive month, primarily due to a shrinking youth population.
The manufacturing sector emerged as a key contributor to job growth, adding 38,000 new positions for the third consecutive month, driven by the ongoing export recovery. Korea's export sector has experienced consistent growth over the past five months, fueled by increased demand for chips and vessels.
Other sectors also experienced notable gains in employment, including public administration, defense, and social welfare, which created 98,000 new jobs ahead of the upcoming general election. The information and communications sector saw 80,000 new positions, while science and technology services witnessed 78,000 new job opportunities.
However, challenges persist in certain sectors, such as food and lodging, which shed 2,000 jobs due to weak private consumption. Additionally, the agriculture, forestry, fishery, education, and real estate sectors experienced contractions in their workforce.
Despite these challenges, the employment rate for individuals aged between 15 and 64 reached 68.7 percent, the highest recorded for any February since data collection began in 1989. However, the jobless rate saw a slight increase to 3.2 percent, with the number of unemployed individuals rising for the fourth consecutive month to 915,000.
The Ministry of Economy and Finance expects the job market to remain stable alongside the economic recovery, particularly driven by the rebound in exports. However, concerns persist regarding potential disruptions in the construction sector due to a weak property market.
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