South Korea`s Job additions snap 9-month slowdown in March

South Korea's job additions snapped their nine-month decline in March in the face of an economic slowdown, but most jobs were created for the over-60 age group, data revealed on Wednesday.

The number of employed people came to 28.22 million last month, up around 469,000 from a year earlier, according to the data compiled by Statistics Korea.

The country's monthly job additions had been slowing for nine consecutive months through February, when it added 312,000 jobs, reports Yonhap News Agency.

In March, the jobless rate edged down 0.1 percentage point on-year to 2.9 per cent, marking the lowest level for any March since the agency adopted the current data compiling methods to analyse the job market in 1999.

Despite the strong job market, most of the added jobs, some 547,000, were for people aged 60 and above, reflecting the still challenging job conditions for younger generations.

Excluding senior employment, South Korea's job additions moved down 78,000. Those for people in their 20s and 40s lost 86,000 and 63,000, respectively, over the period.

The overall job creation was led by the health and welfare sector, which advanced 186,000 on-year, followed by the accommodation and restaurant industry with 177,000.

Information and communications businesses added 65,000 jobs as well.

On the other hand, jobs in the wholesale and retail sectors decreased 66,000, with the construction segment losing 20,000 jobs.

The number of jobs in the manufacturing industry also moved down 49,000 over the period, extending losses to a third month amid the sluggish exports.

The country's outbound shipments fell 13.6 per cent on-year in March, falling for the sixth consecutive month, mainly due to weak global demand for semiconductors.

In 2022, South Korea added an average of 816,000 jobs on-year each month, driven by the post-pandemic recovery.

The Finance Ministry earlier said it expects the figure to drop to a mere 100,000 in 2023 due to the slowing economy and the declining population.