A job seeker looks at recruitment notices at a welfare center in the west of Seoul on April 17, 2023. (Yonhap)
SEOUL, May 14 (Korea Bizwire) — The number of jobs for people in their 40s in South Korea decreased for the 10th consecutive month in April, data showed Sunday, amid the protracted slump in the country’s manufacturing industry.
Jobs for the age group have been falling on-year since July, with the positions decreasing 22,000 from a year earlier in April, according to the data compiled by Statistics Korea.
South Korea added 816,000 jobs annually in 2022, with the addition maintaining growth through April on the back of the post-pandemic recovery.
The decrease in the number of jobs for people in their 40s came amid a slump in the manufacturing segment, reflecting the country’s ailing exports amid global economic uncertainties.
In April, the number of jobs in the manufacturing segment plunged 97,000, extending its on-year losses to three consecutive months. It marked the sharpest decline since a 110,000 drop tallied in December 2020.
South Korea’s overall outbound shipments fell 14.2 percent on-year to $49.6 billion in April, as exports of semiconductors, the country’s key export item, sank 41 percent on-year.
It was the first time since 2020 that exports have declined for seven months in a row.
Experts say the decrease in the number of jobs for people in their 40s, especially those in the manufacturing sector that are considered competitive, may have adverse impacts on the South Korean economy down the road.
“The loss of jobs for 40-something people, the breadwinners of their families, can have negative impacts on households and spark other social problems,” said Kim Jung-sik, an honorary professor of economics at Yonsei University.
(Yonhap)
