South Korea's Employment Rises by 139,000 in October, Service Sector Drives Growth
Summary
South Korea's employment rose by 139,000 in October, driven by gains in the service sector even as construction and hotel and restaurant jobs continued to decline. Youth employment fell for a 48th straight month, while the unemployment rate dipped to 2 percent.
Key Points
- Employment in South Korea increased by 139,000 in October, marking the fourth straight month of growth in the hundred-thousand range.
- The service sector, especially health and social welfare, transportation and storage, and business support, added jobs, while construction and housing and food services lost jobs.
- Youth employment fell by 196,000, extending its decline to 48 consecutive months.
- The unemployment rate eased to 2 percent, while the economically inactive population rose to 16,299,000.
