South Korea's Job Market Slows Down in Fourth Quarter

Strategic Insights -

South Korea's job market showed signs of sluggishness in the fourth quarter of 2024, with the construction sector and youth employment taking the biggest hit. Government data revealed that the number of paid employee positions grew by only 153,000 from the same period a year earlier, marking the smallest quarterly gain since Statistics Korea began compiling such data in 2018. The modest increase was largely driven by employment growth in the health and social welfare sectors, as well as in associations, repairs, and personal services.

Key Takeaways:

  • The number of paid employee positions in South Korea stood at 20.9 million as of November 2024, up 153,000 from the same period a year earlier.
  • The employment gain represents a sharp slowdown from the 246,000 jobs added in the previous quarter.
  • The construction sector shed 109,000 jobs in the fourth quarter, marking the largest quarterly decline since data collection began in 2018.
  • Employment losses were pronounced in the construction sector due to the sluggish market.
  • A significant share of new positions was taken by older workers, reflecting the country's aging population.
  • Employment among senior citizens saw strong gains, with the number of paid jobs for those in their 60s and older rising by 248,000 to 3.87 million.
  • The health and social welfare sector recorded the largest increase with 140,000 additional wage jobs from a year earlier.

Statistics:

  • 20.9 million: The number of paid employee positions in South Korea as of November 2024.
  • 153,000: The increase in paid employee positions from the same period a year earlier.
  • 246,000: The number of jobs added in the previous quarter.
  • 109,000: The number of jobs shed in the construction sector in the fourth quarter.
  • 248,000: The increase in paid jobs for those in their 60s and older.
  • 140,000: The increase in paid jobs in the health and social welfare sector.
  • 4.7 percent: The decline in employment for those in their 20s and younger.
  • 84,000: The decline in employment for those in their 40s.

Sources:

  • Yonhap News Agency, "South Korea adds smallest number of wage jobs in Q4" (21 May 2025)
  • Statistics Korea, no external reference provided in the original text