South Korea's Wage Jobs Rise 292,000 in Q1; 20s See 76,000 Drop

South Korea's wage-earning employment saw a significant increase of 292,000 jobs in the first quarter of the year, the largest quarterly jump in eight quarters. This growth brings the total number of wage-earning jobs to 20,828,000. The expansion was primarily fueled by the health and social welfare sector, which added 127,000 jobs, and the accommodation and food service sector, which saw an increase of 59,000 jobs. The professional, scientific, and technical services sector also contributed positively, adding 37,000 jobs.

Despite the overall positive trend, a stark contrast emerged when examining age demographics. While employment rose for older age groups, with those aged 60 and over gaining 233,000 jobs, 30-somethings adding 115,000, and 50-somethings increasing by 40,000, the 20-and-under demographic experienced a significant downturn. This group saw a decrease of 76,000 jobs, marking the 14th consecutive quarter of decline.

This persistent decline in youth employment is attributed to a shrinking youth population and a particular drop in new hiring positions, according to Song Ju-hwa, head of the administrative statistics division at the National Data Office. New hires constitute 47.2% of employment for this age group. The 40-something age bracket also continued its downward trend, with a decrease of 19,000 jobs for the 11th consecutive quarter.

The construction industry experienced a notable contraction, losing 52,000 jobs, while the real estate sector saw a slight decrease of 1,000 jobs. The decline in jobs for those 20 and under was concentrated in manufacturing (-26,000 jobs), public administration (-14,000 jobs), and information and communication (-14,000 jobs).

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The number of people in their 20s and under is decreasing, and the impact of a particularly larger decrease in new hiring jobs than continuous jobs.