Seoul: South Korea added 74,000 jobs in April, the slowest growth in 16 months, influenced by the Middle East conflict that led to higher oil prices and weaker consumer sentiment, data showed Wednesday. The number of employed people reached 28.96 million in April, compared to 28.88 million a year earlier, based on data from the Ministry of Data and Statistics. This marked the weakest performance since a 52,000 on-year drop in December 2024, with job growth previously expanding in the 200,000 range in February and March.
According to Yonhap News Agency, the country's jobless rate remained steady at 2.9 percent last month, unchanged from a year earlier, with the number of unemployed people totaling 853,000 in April, down by 2,000. The ministry reported a decline in the unemployment rate among individuals in their 20s and 50s but noted an increase for those in their 30s. The employment rate for South Koreans aged 15 to 64 was 70 percent in April, a decrease of 0.1 percentage points from the previous year, while the employment rate for those aged 15 and above reached 63 percent, down by 0.2 percentage points.
By sector, jobs in the health and social welfare services sector increased by 261,000 from a year earlier, while the arts, sports, and recreation-related services sector added 54,000 jobs. The real estate sector saw a gain of 49,000 jobs. However, the science and technical services sector experienced a loss of 115,000 jobs, and the manufacturing sector shed 55,000 jobs. The ministry highlighted that the record decrease in the science sector was largely due to a base effect following strong job growth in recent years.
The transportation and storage industry added 18,000 jobs, but this was a slowdown from an increase of 75,000 in March. "The transportation and storage industry includes parcel and delivery services, which were affected by higher oil prices. Export and import volumes also declined from a year earlier," a senior official at the data ministry said.
The number of economically inactive people increased by 174,000 from a year earlier, with those reporting they were not working and simply resting rising by 63,000 to 2.49 million, according to the latest findings. In a separate release, the Ministry of Finance and Economy announced plans to provide tailored support measures for young people and seniors to enhance job security. "We plan to closely monitor employment conditions in the private sector and come up with countermeasures to respond to industrial transitions driven by the adoption and promotion of artificial intelligence technology," the finance ministry stated.
The finance ministry also indicated that cash handouts aimed at easing the burden on individuals affected by soaring fuel prices, along with other projects included in the extra budget, are anticipated to help improve employment data in the future. However, risks are expected to persist due to the prolonged crisis in the Middle East.