S.Korea’s job growth slows for 2 straight years in 2024

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S.Korea’s job growth slows for 2 straight years in 2024 - Korea Economic Daily

Quick Summary:

FURTHER SLOWDOWN IN JOB GROWTH The finance ministry projected a further slowdown in the country’s labor market this year with an on-year addition of about 120,000 jobs, smaller than last year’s payroll increase of more than 150,000.

South Korea’s job growth slowed last year amid a prolonged slump in the country’s construction, manufacturing and retail sectors, boding ill for the country’s overall economy already marred by weak domestic demand.

GLOOMY DECEMBER In December 2024, Korea lost 52,000 jobs from a year ago, marking the first on-year job loss since February 2021 when 473,000 jobs were removed in the wake of the COVID-19 pandemic.