South Korea’s job growth slowed down in October after a brief increase above the 300,000 mark a month ago amid little sign of relief on the job market for the young, government data showed.
According to data released by the Statistics Korea on Wednesday, the number of the employed in October stood at 26.85 million, up 279,000, or 1 percent, from a year ago. The year-on-year gain had sustained above 300,000 since February but sank below the level in August. It recovered to above the mark in September but slid below it again in October.
The retreat in job growth rate last month was mainly led by a decline in service sectors such as the restaurant and hospitality sector. The business facility management industry lost 27,000 jobs, or 2 percent, from a year ago while the hospitality and restaurant sector see a 0.9 percent drop. Jobs in the science and technology service sector also fell 1.5 percent over the cited period.
But the construction industry added 118,000 jobs in October, 6.3 percent higher from the same period last year. Public services, defense, public administration, healthcare, welfare services, retail and wholesale sectors all added jobs last month.
Factory payroll in October added 28,000 from a year earlier, extending gains for the fifth straight month. The number of the self-employed that had dropped for the first time in nearly a year in August but rebounded in September added 43,000 last month.
The overall jobless rate fell 0.2 percentage point on year to 3.2 percent. But youth unemployment rate for people aged between 15 and 29 edged up 0.1 percentage point on year to 8.6 percent.
The Original Posted By Cho Si-young and Choi Mira/Business Korea