South Korea added more than 300,000 jobs for the second consecutive month in February. (Image courtesy of Yonhap)
SEOUL, Mar. 13 (Korea Bizwire) — South Korea added more than 300,000 jobs for the second consecutive month in February led by solid job growth in the manufacturing sector amid rising exports, data showed Wednesday.
The number of employed people came to 28.04 million last month, up 329,000 from a year earlier, according to the data compiled by Statistics Korea.
It is the second month in a row that the number of new jobs has exceeded 300,000. In January, 380,000 jobs were added after three months of job additions below 300,000.
February’s job growth was led by more positions for senior citizens.
Jobs for those aged 60 and older rose by 297,000 on-year.
Those in their 50s and 30s had 84,000 and 71,000 more jobs, respectively.
But the number of jobs for those aged 15-29 dropped by 61,000, extending the losing streak to the 16th month. The reduction in jobs for youth was in line with the dwindling population of the age group, according to the agency.
People in their 40s also saw 62,000 fewer positions last month.
By sector, the manufacturing sector gained 38,000 more jobs in February, the third monthly rise, on the back of rising exports.
Exports, a key growth engine, advanced for the fifth consecutive month in February on solid demand for semiconductors.
The public administration, defense and social welfare segment created 98,000 new positions, as the government hired more workers in the field in the run-up to the April 10 general elections.
The information and communications sector saw an increase of 80,000 jobs, and the science and technology service field also created 78,000 new positions.
But the restaurants and accommodation sector shed 2,000 jobs in February after losing 8,000 jobs the previous month amid weak private consumption.
The employment rate of people aged 15-64 increased 0.7 percentage point on-year to 68.7 percent last month, the highest for any February since the agency began compiling related data in 1989.
The total employment rate among people aged 15 and older also reached the highest level for any February of 61.6 percent by going up 0.5 percentage point on-year.
The jobless rate inched up 0.1 percentage point to 3.2 percent, and the number of people who remained unemployed and sought a job rose 25,000 to 915,000 in February, the data showed.
“The job market is expected to remain stable on the economic recovery,” the finance ministry said in a release. “But the weak construction sector could affect the overall job market, and the government will closely monitor such risk factors and strive to create quality jobs.”
(Yonhap)
