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South Korea – Job growth slows

12 June 2013

According to the latest figures by Statistics Korea, employment figures rose by 265,000 or +1.1% in May, compared with a year ago. However, the proportion of working-age adults in employment dipped by -0.1% year-on-year to 60.4%.    

Permanent employment figures recorded a +6% increase in the number of employees year-on-year, but a decline of -3.7% for temporary workers. Total unemployment fell by -1.2% compared to a year ago, equating to 9,000 fewer people out of work.  

Despite a slight increase of employment opportunities in the service industries month-on-month, the Ministry of Strategy and Finance has advised that job growth in that sector has recently trended downward. With fewer jobs created in the manufacturing industry, South Korea is still experiencing a sluggish economy.

South Korea is Asia’s fourth-largest economy. In April, the government announced plans to boost economic growth over concerns that the country is losing some of its vitality due to uncertainty caused in local and foreign markets. 

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