"Employment in the 'Crisis of the 40s' Declines for 10 Consecutive Months"

"High-Quality Jobs" Disappear... "Concerns Over Negative Ripple Effects"

Despite the economic downturn, employment indicators remain favorable with an increase in the number of employed persons, but jobs for those in their 40s have steadily declined.

According to the National Statistical Office's National Statistics Portal (KOSIS) and microdata analysis on the 14th, the number of employed persons in their 40s decreased for 10 consecutive months compared to the same month of the previous year, starting from July last year. Beginning with a decrease of 1,000 in July, the numbers dropped by 8,000 in August, 17,000 in September, 11,000 in October, 6,000 in November, and 57,000 in December compared to the same months of the previous year.

This year, the numbers decreased by 63,000 in January, 77,000 in February, 63,000 in March, and 22,000 in April. During this period, the 40s age group was the only one to experience a continuous decline in employment compared to the same months of the previous year.

The total number of employed persons increased. Employment among those in their 30s, 50s, and 60s and older steadily rose, while those in their 20s increased until October last year but shifted to a decline starting in November.

The majority of the decrease in employment among those in their 40s was among males. Since the decline began in July last year, female employment fluctuated between increases and decreases, maintaining a similar level, but male employment continuously decreased significantly.

The downturn in the semiconductor industry and export slump leading to a manufacturing recession were cited as causes of the decline.

According to the Korea Customs Service, total export value decreased for seven consecutive months from October last year to last month. Semiconductors, which account for the largest share of exports, saw exports decline for nine consecutive months.

In March, overall industrial production showed a growth rate of 2.2%, lower than the previous month’s 3.3%. Sectors such as semiconductors (-26.8%) and electronic components (-30.4%) continued to decline. Last month, manufacturing employment decreased by 97,000 compared to the same month last year, marking the largest drop since December 2020 (110,000).

Employment in manufacturing among those in their 40s also decreased by 12,000 compared to the same month last year. There are concerns that the reduction of jobs for heads of households in their 40s, centered on manufacturing, which is considered a quality workplace, could have negative ripple effects.