Job additions hit over 5-year high in Dec., jobless rate steady at 3.4%
Published : Jan 15, 2020 - 08:51
Updated : Jan 15, 2020 - 11:12
South Korea's jobless rate remained flat at 3.4 percent in December, but Asia's fourth-largest economy reported a stronger-than-expected job growth last month with job additions coming to 516,000, data showed Wednesday.
It was the strongest monthly job additions in five years and four months, according to the data compiled by Statistics Korea.
The unemployment rate for young adults -- those aged between 15 and 29 -- fell to 7.3 percent last month from 8.3 percent tallied a year earlier.
For all of 2019, the country's jobless rate was also unchanged at 3.8 percent. Some 301,000 jobs were added last year, marking the first time in two years that the number of job additions exceeded 300,000, officials said.
In particular, the employment rate for people aged between 15 and 64 rose to 60.8 percent last year, marking the highest figure since 1982.
Still, the job additions were led by part-time workers with the help of the government's drive to create more jobs.
Finance Minister Hong Nam-ki said the nation's job market showed a "trend of significant recovery" last year.
"The government will focus on helping the recovery trend continue this year," Hong said, shortly after the statistics agency released the data.
Hong told reporters that job markets showed a V-shaped recovery last year in terms of job additions and the employment rate.
However, the number of employed people aged between 40 and 49 fell by 128,000 last year, marking the only age bracket that suffered a decline in job growth, Hong said.
Hong said the government will draw up a comprehensive plan by March to increase jobs for the 40-49 age range.
The statistics agency said the number of unemployed people stood at 942,000 in December, compared with 944,000 a year earlier.
By industry, the health and social welfare sectors added 178,000 jobs, and the culture, sports and leisure-related service segment saw an increase of 88,000 jobs last month.
In contrast, the wholesale and retail sector suffered a decline in job offerings by losing 94,000 jobs in December. The construction sector also continued to shed jobs by losing 28,000 jobs.
The jobs data came amid hopes that South Korea's economy could regain its recovery momentum this year.
South Korea's exports fell 10.3 percent on-year in 2019 to $542.4 billion, according to government data.
For December last year, the monthly exports slipped 5.2 percent on-year to $45.7 billion to extend their slump to a whopping 13th consecutive month.
But this year's outbound shipments are forecast to rise 3 percent.
The nation's economy is expected to grow 2.4 percent this year, following last year's estimated 2 percent expansion, on the back of an anticipated recovery in the memory chip sector and a series of policy measures.
In a statement, the finance ministry said job markets significantly improved in December, despite a slight decline in the economically active population.
"The government will spare no efforts this year to improve employment conditions by revitalizing the economy," it said. (Yonhap)
Feb 16, 2020