Construction and Youth Slump Leads to Frozen Job Growth in Q4 Last Year [3-Minute Briefing]

[At a Glance]
① Statistics Korea releases 'Q4 2024 Wage Employment Trends'
② Exports in trouble... US-bound exports down 14.6% in mid-May
③ Mussalem: "Tariffs expected to slow economy and labor market"

MARKET INDEX

○ 30-year bonds exceed 5%, 10-year bonds surpass 4.5%

○ US Treasury bond auctions see weak demand

○ Target hit by tariffs, stock falls after lowering sales outlook

TOP 3 NEWS

■ Only 153,000 jobs added in Q4... Record declines again among those in their 20s and 40s

○ The pace of job growth has continued to slow since Q1 2022
○ Construction jobs decreased by 109,000
○ Largest drop since Q3 2018 

■ Due to Trump tariffs... Exports to the US down 14.6% through the 20th of this month (Comprehensive)

○ Korea Customs Service: Export/import status from May 1 to 20... Total exports down 2.5%
○ Decline in exports to the US is the largest among major countries
○ US 25% tariff on imported cars leads to a 19.6% drop in automobile exports 

■ US Fed officials warn of tariff-driven stagflation... Rate cuts likely delayed to September

○ Focus remains on price stability rather than responding to economic slowdown
○ Hemeck emphasizes possibility of stagflation
○ Uncertainty over tariffs clouds the interest rate outlook

Graphic News: KB remains No. 1 in KRW deposit market share... Fierce competition among ranks 2 to 5

○ The six major banks' KRW deposits reached 1,740 trillion won in 2024

○ Up 5.58% from the previous year

○ Shinhan Bank recorded the highest growth rate

Money-Making Law

■ The growing presence of court-appointed expert advisors

○ Quiet collaboration to supplement court judgments
○ Even overturning appraisal results at construction sites
○ Decisions to involve expert advisors are increasing every year
☞ Read the article:  https://www.asiae.co.kr/article/2025052115030834363

■ Who oversees 'convenience store visa agency services'?

○ Ministry of Justice: "Administrative Services Act is under the Ministry of the Interior and Safety"
○ The Ministry of the Interior and Safety has not yet issued an official interpretation
○ Problems recur every time a new platform service is introduced
☞ Read the article:  https://www.asiae.co.kr/article/2025052115082058874

■ Homeplus 'humidifier contribution' becomes a legal issue

○ Sold 'humidifier disinfectant' from 2005 to 2011
○ Dispute over classification of claims under the Contribution Reimbursement Act
○ The prevailing analysis is that these are 'reimbursement claims' in principle
☞ Read the article:  https://www.asiae.co.kr/article/2025052115180527667

※ 'Money-Making Law,' a content partnership section between Asia Economy and Law Times, is published every Tuesday and Thursday.

Today's Key Schedule

○ Domestic

KOSDAQ Dalba Global listing, final public offering price 66,300 won

KOSDAQ Kistron subscription, final public offering price 3,600 won

○ Overseas

09:30 Japan Services Purchasing Managers' Index (May)

17:00 Germany Expectations Index (May)

21:30 US Initial Jobless Claims

22:45 US Manufacturing Purchasing Managers' Index (May)

23:00 US Existing Home Sales (April)

◇ Lunchtime & Evening Commute Weather

○ Lowest temperature: 20°C (▼1°C) ｜Highest temperature: 27°C (0°C)
○ Precipitation probability: 60% in the morning｜10% in the afternoon
○ Fine dust: Good in the morning｜Good in the afternoon

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