S. Korea's on-year job growth slowest in 29 months

Seoul, Aug 9 (IANS) South Korea's on-year job growth slowed for the fourth consecutive month in July, with the fewest number of jobs being added in 29 months, amid sluggish employment in the manufacturing and construction sectors, data showed Wednesday.

The number of employed people came to 28.68 million in July, up around 211,000 from a year earlier, according to the data compiled by Statistics Korea.

Last month, the country's jobless rate came to 2.7 per cent, down 0.2 percentage point over the period, the lowest since 1999 for the same month, reports Yonhap News Agency.

South Korea's on-year job additions slowed for nine consecutive months through February before rebounding in March, when they rose 469,000 on-year.

The growth, however, has continued to slow since April.

Positions for those aged 60 and above rose 298,000, with those for people in their 50s increasing 61,000.

The number of jobs for people in their 20s and 40s, on the other hand, dropped 128,000 and 61,000 over the period, respectively.

By sector, the number of jobs in the welfare and social service segment moved up 145,000, and those in the accommodation and restaurant sector advanced 125,000 as more people returned to pre-pandemic normalcy.

Those employed in the science and technology segment also moved up 62,000 over the period.

The number of jobs in the retail and wholesale industry, however, fell 55,000, with those in the construction segment also decreasing 43,000 amid the economic slowdown.

The manufacturing sector's positions fell 35,000, marking seven consecutive months of decline.

The agricultural industry saw the number of positions decline 42,000.

Meanwhile, the employment-to-population ratio of South Koreans aged 15-64 edged up 0.5 percentage point to 69.6 per cent, the highest for the same month since 1989.

The finance ministry recently estimated the number of employed people to rise by 320,000 on-year each month in 2023, significantly up from the previous estimate of 100,000.