Q4 Job Growth Limited to 153,000... Another Record Decline for Those in Their 20s and 40s

109,000 Construction Jobs Lost
Largest Decline Since Q3 2018

Amid an economic downturn, the decline in construction jobs led to the smallest increase in employment in history in the fourth quarter of last year. In particular, jobs for people in their 20s and 40s posted the largest year-on-year decreases for three consecutive quarters, from the second to the fourth quarter of last year.

On the 19th, job seekers and international students visiting the '2025 Global Talent Fair' held at COEX in Samseong-dong, Gangnam-gu, Seoul, are looking at the job posting board.

According to the "Wage Worker Job Trends for Q4 2024" released by Statistics Korea on May 21, the total number of wage worker jobs in the fourth quarter of last year was 20,902,000, an increase of 153,000 compared to the same period a year earlier. This is the smallest increase since related statistics began in 2017. The pace of job growth has continued to slow since the first quarter of 2022.

This result is largely due to a sharp decrease in construction jobs, which are highly sensitive to economic conditions, with a drop of 109,000 jobs. The construction sector saw its largest decline since the third quarter of 2018, when it lost 113,000 jobs. Jobs also decreased in real estate (down 9,000) and information and communications (down 6,000). In contrast, jobs increased in health and social welfare (up 140,000), associations, repairs, and personal services (up 29,000), and business and rental services (up 26,000). Manufacturing, which accounts for the largest share of jobs at 20.7%, remained flat.

By age group, jobs for those in their 20s and younger (down 148,000) and those in their 40s (down 84,000) decreased. Jobs for people in their 20s and 40s have declined for nine and six consecutive quarters, respectively, marking the largest drops since statistics began in 2017. The fourth quarter saw the largest decreases on record, following the second and third quarters of last year. A Statistics Korea official explained, "The decline in population contributed to the decrease, but for those in their 20s, the drop was mainly due to losses in wholesale and retail and construction, while for those in their 40s, construction was the main factor."

Due to the aging population and demographic changes, jobs increased among those aged 60 and older (up 248,000), those in their 50s (up 70,000), and those in their 30s (up 67,000). For those aged 60 and older, job gains were concentrated in health and social welfare (up 111,000), business and rental services (up 29,000), and associations, repairs, and personal services (up 26,000).

By organizational type, jobs increased at non-corporate legal entities (up 115,000) and government and non-incorporated organizations (up 45,000), while jobs decreased at sole proprietorships (down 5,000) and corporate businesses (down 2,000).

The term "job" refers to a position occupied by a worker and is different from "employed person." For example, if someone works at a company during the week and teaches at a private academy on weekends, they are counted as one employed person but hold multiple jobs.