20,788,000 Jobs Added in Q3 Last Year
Smallest Growth Since Q2 2020
Construction and Real Estate Jobs in Decline
"Few Jobs Being Created for People in Their 20s"
Wage worker jobs in the third quarter of last year saw the smallest increase since the second quarter of 2020. Due to sluggish domestic demand and poor conditions in the construction and real estate sectors, the decline in jobs related to these fields was significant. Jobs for people in their 20s and 40s recorded the largest decrease ever again, following the second quarter of last year.
On October 13, a job seeker visiting an employment center in Seoul looked at the recruitment board as the number of employed people increased by 83,000 compared to the same month last year, falling below 100,000 for the first time in four months. Photo by Kang Jin-hyung
According to the '2024 Third Quarter Wage Worker Job Trends' released by Statistics Korea on the 19th, the total number of wage worker jobs in the third quarter of last year was 20,788,000, an increase of 246,000 compared to the same period the previous year. This is the smallest increase since the second quarter of 2020 (211,000). The rate of job growth has been continuously slowing since the first quarter of 2022.
In the third quarter of last year, 14,959,000 jobs (72.0%) were continuous jobs held by the same workers as the previous year. Jobs replaced due to retirement or job changes accounted for 3,354,000 (16.1%). Newly created jobs due to company establishment or business expansion were 2,475,000 (11.9%), while jobs lost due to company closures or business downsizing totaled 2,229,000.
By industry, compared to the same period last year, jobs increased in ▲Health and Social Welfare (138,000) ▲Associations, Repair, and Personal Services (32,000) ▲Transportation and Warehousing (31,000) ▲Business Leasing (30,000), among others. On the other hand, jobs decreased in ▲Construction (-47,000) ▲Real Estate (-8,000) ▲Information and Communications (-1,000). The construction and real estate sectors continue to experience job declines due to poor market conditions.
By age group, jobs increased among those aged 60 and over (274,000), those in their 50s (119,000), and those in their 30s (66,000), reflecting the aging population trend. Conversely, jobs decreased among those aged 20 and under (-146,000) and those in their 40s (-67,000). For people in their 20s and 40s, the scale of job losses recorded the largest ever again, following the second quarter of last year, when jobs decreased by 134,000 and 56,000 respectively.
A Statistics Korea official explained, "For people in their 20s, jobs have decreased more than the population decline," adding, "This means that jobs available for people in their 20s are not being created well." The official further noted, "Industries driving job growth include health and social welfare providing care services, daily labor-centered sectors, and transportation and warehousing," adding, "These sectors tend to have a low proportion of workers in their 20s."
Jobs refer to employment positions occupied by workers and differ from the number of employed persons. For example, if one person works at a company during the week and works as an academy instructor on weekends, they count as one employed person but multiple jobs.
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