Seoul: The Republic of Korea added nearly 170,000 jobs in August, but employment losses continued in the manufacturing and construction sectors, as well as among the younger population, Yonhap News Agency reported, citing data on Wednesday.
According to Emirates News Agency, the number of employed people stood at 28.97 million last month, up 166,000 from a year earlier, marking the third consecutive month of over 100,000 employment growth, as per data compiled by Statistics Korea. The August figure underscores a continued upward trend in employment following a brief contraction in December when the country saw a net loss of 52,000 positions.
August also marks the eighth consecutive month of on-year growth. Despite the overall growth, the manufacturing and construction sectors remained stagnant. The manufacturing sector, often considered the backbone of the Korean economy, shed 61,000 jobs from a year earlier in August, extending its downturn to a 14th consecutive month. The construction industry also contin
ued to struggle, losing 132,000 jobs, continuing its decline for the 16th straight month.
The overall job growth last month was largely driven by hiring among older adults. Employment among those aged 60 and older surged by 401,000 from a year earlier, while jobs for people in their 30s rose by 96,000. In contrast, jobs for people in their 20s fell by 195,000, accelerating from 130,000 losses in the previous month. The agency reported that those in their 40s also experienced a decrease of 73,000 jobs. Statistics Korea noted these age groups are also experiencing population declines, contributing to the employment drop.