South Korea reports a first year-on-year decline in jobs in 17 months, according to government data released Thursday. The number of employed people falls to 29.12 million in May, down from 29.16 million a year earlier, representing a loss of about 40,000 jobs. The decrease follows a period of job growth, which stays in the 200,000 range in February and March before slowing to 74,000 in April. The government data also show the unemployment rate rises to 2.9% in May, up 0.1 percentage point from a year earlier, with the number of unemployed people reaching 878,000, up 25,000 year-on-year. The employment rate for people aged 15 to 64 declines to 70.2%, down 0.3 percentage point from a year earlier. For those aged 65 and older, the employment rate increases by 0.5 percentage point to 41.6%. Officials say the prolonged conflict in the Middle East is one factor weighing on the labor market, citing supply chain disruptions and delayed effects on business activity and hiring.
South Korea reports first year-on-year job decline in 17 months
South Korea reports a first year-on-year decline in jobs in 17 months, according to government data released Thursday. The number of employed people falls to 29.12 million in May, down from 29.16 mill...
- South Korea’s employment falls by about 40,000 year-on-year in May to 29.12 million.
- The May decline is the first year-on-year job decrease in 17 months; job losses last occurred in December 2024.
- South Korea’s unemployment rate rises to 2.9% in May, and unemployed people total 878,000.
- Employment rate for ages 15–64 drops to 70.2% while the 65+ employment rate rises to 41.6%.
- Officials link the labor-market deterioration partly to delayed impacts from the prolonged Middle East conflict on supply chains and businesses.
Korea lost 40,000 jobs in May from a year earlier, government data showed Thursday, marking the first decline in 17 months as the impact of the prolonged Middle East war weighed on the manufacturing sector. The number of employed people came to 29.12 million in May, compared with 29.16 million a year earlier, according to data from the Ministry of Data and Statistics. It marked the first decrease since December 2024, when the number of jobs fell by 52,000 following former President Yoon Suk Yeol's botched martial law bid, which dealt a blow to the Korean economy. Job growth had remained in the 200,000 range in February and March before slowing to 74,000 in April. "Normally, factors such as oil prices are immediately reflected in economic data," Bin Hyun-joon, a senior statistics official, said during a briefing. "(The Middle East war) has caused supply chain disruptions and other difficulties for businesses, and it took some time for those effects to be reflected in the job market," Bin added. The country's jobless rate came to 2.9 percent last month, up 0.1 percentage point from a year ea
5 hours agoSouth Korea lost 40,000 jobs in May from a year earlier, government data showed Thursday, marking the first decline in 17 months amid economic uncertainties in the wake of the prolonged Middle East conflict. The number of employed people came to 29.12 million in May, compared with 29.16 million a year earlier, according to data from the Ministry of Data and Statistics. It marked the first decrease since December 2024, when the number of jobs fell by 52,000 following former President Yoon Suk Yeol's botched martial law bid, which dealt a blow to the South Korean economy. Job growth had remained in the 200,000 range in February and March before slowing to 74,000 in April. The country's jobless rate came to 2.9 percent last month, up 0.1 percentage point from a year earlier. The number of unemployed people totaled 878,000 in May, up 25,000 over the period. The employment rate for South Koreans aged 15 to 64 came to 70.2 percent in May, down 0.3 percentage point from a year earlier. That for seniors aged 65 and older, on the other hand, rose 0.5 percentage point to 41.6 percent. The employment
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