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Number of newly employed increased by 45,000 y/y in Sept. Updated: 2018-10-12 17:59:50 KST

The number of newly employed in Korea climbed modestly in September, providing partial relief after the employment shocks seen in the months of July and August.
Data by Statistics Korea shows 45-thousand people were newly employed in September with the total number of people in the workforce tallied at over 27-million.
The health and social services sectors accounted for most of the job gains, followed by telecommunications as well as farming and fisheries sectors.
Meanwhile, the number of newly employed people in the rental services, wholesale and retail sectors as well as lodging and food industries dropped on-year last month.

"Structural changes in the services sector are also cited as culprits for the falling number of jobs. More restaurants and hotels are opting for self-service booths and stands, and the expansion of online shopping malls are inducing companies to hire less."

The number of new jobs in the manufacturing sector meanwhile, rose by a mere 42-thousand last month compared to a year ago mainly due to the prolonged slump in the shipbuilding and auto sectors which have been undergoing restructuring.

"Local car manufacturers usually have a large chain of suppliers and they're the ones most affected by a slump that directly leads to falling jobs figures. There could be up to four-tiers of subcontractors that supply components and accounts for a combined 70 percent of the total procurement costs in assembling auto units."

Korea's jobless rate overall stood at 3.6-percent last month which is a zero.three-percentage-point increase from the same period last year.
The youth unemployment rate decreased by zero.four-percentage-points on-year to stand at eight.eight-percent but the real youth unemployment rate rose to its highest level since related data was first compiled in 2015 to 22.7-percent last month.

(standup ed: devin)
"To address growing concerns about the employment situation, the Ministry of Economy and Finance says it'll unveil additional measures next week to boost the number of quality jobs.
Kim Ji-yeon, Arirang News."
KOGL : Korea Open Government License
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