 |
| ▲ Visitors look at job openings at a career fair in Incheon, 27 kilometers west of Seoul, in this May 23, 2023, file photo. (Yonhap) |
(LEAD) jobless rate-May
(LEAD) Job additions slow for 2nd month in May amid uncertainties
(ATTN: UPDATES with details throughout)
By Kang Yoon-seung
SEOUL, June 14 (Yonhap) -- South Korea's job additions slowed for the second consecutive month in May following a brief rebound in March, data showed Wednesday, amid lingering economic uncertainties.
The number of employed people came to 28.83 million in May, up around 351,000 from a year earlier, according to the data compiled by Statistics Korea.
South Korea's on-year job additions had been slowing for nine consecutive months through February, before rebounding in March, when they rose 469,000 on-year. In April, the country added 354,000 jobs.
Last month, the country's jobless rate fell 0.3 percentage point on-year to 2.7 percent.
The overall increase was mostly led by those aged 60 and above, with the number of jobs for the group rising 379,000 over the period.
The number of jobs for those in their 30s and 50s advanced 70,000 and 49,000, respectively, the data showed.
The job market remained, however, challenging for younger South Koreans, as the number of positions for the 20-something group declined by 63,000, and those for 40-somethings slipped 48,000.
By sector, the number of jobs in the construction and manufacturing segments plunged 66,000 and 39,000, respectively, on-year in May, reflecting the economic uncertainties and weak exports.
South Korea's exports fell for the eighth consecutive month in May, decreasing 15.2 percent on-year. The decline came as exports of semiconductors, the country's key export item, sank 36.2 percent on falling demand and a drop in chip prices.
Jobs in the wholesale and retail sector went down 31,000.
The number of new positions in the health care and welfare sector, on the other hand, rose 166,000, and those in the accommodation and restaurant industry gained 128,000 as the country returned to pre-pandemic normalcy.
In May, the Bank of Korea held the benchmark interest rate steady for the third straight time at 3.5 percent on easing inflationary pressure amid rising concerns over an economic slowdown.
The central bank had delivered seven consecutive hikes in borrowing costs since April 2022. A hike in borrowing costs typically hampers employment as businesses and households cut their spending.
In 2022, South Korea added an average of 816,000 jobs on-year each month, driven by the post-pandemic recovery.
(END)
(C) Yonhap News Agency. All Rights Reserved
