Job Market Outlook for Second Half: Finance, Semiconductor, Electronics 'Clear', Shipbuilding 'Cloudy'

Employment Information Service and KIAT Announce Job Outlook for Major Industries in Second Half

Interest Rate Hike Boosts Financial Sector Profitability... Semiconductor Global Market Strong
Shipbuilding Faces 'Dark Clouds' with -4.1% Following -8.7% in First Half... "Orders Increasing"
Display and Steel Maintain Second Half Levels Compared to Previous Year

[Image source=Reuters Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] In the second half of the year, industries such as finance and insurance, semiconductors, and electronics are expected to see job growth, while shipbuilding is projected to decline.

The Korea Employment Information Service and the Korea Institute for Advancement of Technology (KIAT) announced the '2021 Second Half Major Industry Job Outlook' containing these details on the 30th.

Source=Korea Employment Information Service·Korea Institute for Advancement of Technology (KIAT)

The industry expected to have the highest job growth rate is finance and insurance. As of the first half, the finance and insurance sector employed 803,000 people, and jobs are expected to increase by 26,000 (3.3%) compared to the second half of the previous year.

The two organizations explained, "In the second half, profitability in the financial sector will improve due to rising loan interest rates, and the operating yield of life insurance will increase," adding, "Stock trading volume is also expected to continue its upward trend in the second half."

Source=Korea Employment Information Service·Korea Institute for Advancement of Technology (KIAT)

Jobs in the semiconductor and electronics industries are also projected to increase by 4,000 (3.1%) and 21,000 (3.0%), respectively.

In particular, the semiconductor market worldwide is expected to grow by 19.8% ($551.2 billion) compared to the second half of the previous year, marking the largest boom since the 'super cycle' of 2017-18, which is anticipated to have a positive impact on the employment market.

Source=Korea Employment Information Service·Korea Institute for Advancement of Technology (KIAT)

The shipbuilding industry is expected to see a decrease of 4,000 jobs (4.1%). While the first half saw a decline of -8.7%, employment recovery is not expected to be easy in the second half either.

However, orders are expected to increase going forward. It is judged that the growth momentum has not completely disappeared. The two organizations stated, "In the second half, orders are expected to expand due to increased demand for main vessel types and environmentally friendly ships with technological superiority."

Jobs in the textile industry are also projected to decrease by 2,000 (1.3%).

Industries such as display (-0.4%) and steel (-0.1%) are expected to maintain employment levels similar to those in the second half of last year.

The job outlook for the second half by the two organizations was calculated based on data from employment insurance databases, workforce surveys by occupation, and economically active population surveys.