31 Million Wage Worker Jobs Increased in Q1
Transportation and Warehousing Sector Shows Largest Job Growth
Professional Construction Jobs Decrease by 25,000
Wage worker jobs in the first quarter increased by 314,000 compared to the same period last year. This was due to an increase in jobs in the health and social welfare sectors, mainly among those in their 60s. On the other hand, the construction industry saw a larger decline in jobs due to economic downturns. The number of jobs for youth aged 20 and under also decreased.
On the 21st, Statistics Korea announced the '2024 First Quarter Wage Worker Job Trends.' Unlike employment trends that focus on employed persons, job trends specifically estimate and aggregate the number of jobs. If one person holds multiple jobs, each job is counted separately.
As of February, the total number of wage worker jobs in the first quarter was 20,521,000. This is an increase of 1.6% (314,000 jobs) compared to the same period last year. Since the fourth quarter of 2022, the job growth rate had been declining, recording 1.4% (293,000 jobs) in the fourth quarter of last year, but this time it slightly rebounded for the first time. However, Statistics Korea explained that this figure is not at a significant level.
Kim Ji-eun, head of the Administrative Statistics Division at Statistics Korea, said, "After the COVID-19 endemic, the increase was very large but gradually shrank. Although the increase was larger this quarter than the previous one, it does not seem to deviate from the overall trend."
By industry, notable job increases compared to the same period last year were seen in health and social welfare (139,000 jobs), transportation and warehousing (43,000 jobs), and accommodation and food services (40,000 jobs). Health and social welfare have steadily increased due to aging, and rising demand for elderly medical care, nursing, and caregiving. Transportation and warehousing recorded the largest increase in history due to increased parcel volumes driven by online platform usage.
Conversely, the construction and real estate sectors saw decreases of 48,000 and 9,000 jobs respectively compared to the same period last year. In particular, within construction, which is divided into 'general construction' and 'specialized construction trades,' the number of jobs in specialized construction trades decreased by 25,000, marking a significant drop.
Kim explained, "General construction includes large-scale jobs such as major corporate projects and civil engineering, while specialized construction trades cover interior-related jobs like wallpapering, flooring, and electrical installations. General construction had already been declining, and specialized construction trades turned negative in the fourth quarter of last year, causing the entire construction sector to enter a downward trend." She added, "This quarter, both sectors saw an increased rate of decline."
By age group, job increases were most notable among those in their 60s (263,000 jobs), 50s (128,000 jobs), and 30s (57,000 jobs). The 50s and 60s played a major role in increasing the total number of jobs. Conversely, jobs for those aged 20 and under (-102,000 jobs) and those in their 40s (-32,000 jobs) decreased.
Among all wage worker jobs, 71.6% (14,701,000 jobs) were sustained jobs held by the same workers as in the previous year. Jobs replaced due to retirement or job changes accounted for 16.2% (3,332,000 jobs), and new jobs created by company formation or business expansion made up 12.1% (2,481,000 jobs). Jobs lost due to company closures or business downsizing accounted for 2,175,000.
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