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Briefings South Korea adds jobs at fastest pace in 19 months, but output lags behindDespite strong hiring in September, growth is driven by low-value service jobs while output and wages stagnate South Korea’s employment rose by 312,000 from a year earlier in September, the fastest increase in 19 months, finance ministry data showed Friday. The number of employed people climbed for a ninth consecutive month, lifting the employment rate for those aged 15 and older to 63.7% and the participation rate to 65% — both record highs for the month. The unemployment rate held at 2.1%. Gains were concentrated in service industries such as accommodation, retail and leisure, boosted by holiday demand and government consumption-coupon programs. Manufacturing employment fell 61,000 from a year earlier, construction dropped 84,000 and agriculture declined 146,000. © Korea Risk Group. All rights reserved. |





