{"id":2205744,"date":"2024-07-11T08:00:32","date_gmt":"2024-07-10T23:00:32","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205744"},"modified":"2024-07-10T16:59:49","modified_gmt":"2024-07-10T07:59:49","slug":"south-koreas-job-market-shines-but-economic-storm-brews","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/07\/south-koreas-job-market-shines-but-economic-storm-brews\/","title":{"rendered":"South Korea\u2019s job market shines, but economic storm brews"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s employment rate for those 15 and above remained at <\/span><a href=\"https:\/\/www.moel.go.kr\/news\/enews\/report\/enewsView.do?news_seq=16793\"><span style=\"font-weight: 400;\">record highs<\/span><\/a><span style=\"font-weight: 400;\"> in June, while the unemployment rate stayed at the second-lowest level historically, according to data from the Ministry of Employment and Labor. The number of employed persons came to 28.91 million last month, up 96,000 from a year earlier, slightly expanding compared to the previous month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The service sector saw employment growth and manufacturing continued to add jobs. However, the construction sector experienced a widening decline in employment, and the number of self-employed individuals continued to decrease. The government plans to boost domestic demand, implement targeted job measures for sectors with declining employment and closely monitor employment conditions by industry and class.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s latest employment figures, while seemingly positive, mask underlying economic vulnerabilities. The numbers do not accurately reflect the challenges faced by the manufacturing sector, which is struggling with <\/span><a href=\"https:\/\/www.korcham.net\/nCham\/Service\/Economy\/appl\/KcciReportDetail.asp?SEQ_NO_C010=20120938494&amp;CHAM_CD=B001\"><span style=\"font-weight: 400;\">weakening business sentiment<\/span><\/a><span style=\"font-weight: 400;\">, rising costs and currency pressures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The government\u2019s plans to boost domestic demand and implement targeted job measures may not adequately address the broader economic risks. These risks include the <\/span><a href=\"https:\/\/koreapro.org\/2024\/06\/south-korea-japan-agree-to-boost-ties-amid-global-challenges-at-finance-talks\/\"><span style=\"font-weight: 400;\">depreciation<\/span><\/a><span style=\"font-weight: 400;\"> of the South Korean won, rising <\/span><a href=\"https:\/\/www.fss.or.kr\/fss\/bbs\/B0000188\/view.do?nttId=136939&amp;menuNo=200218&amp;pageIndex=1\"><span style=\"font-weight: 400;\">household debt levels<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.bok.or.kr\/cdnFileSrc\/portal\/8e82aa2ac834435c98d23b1f036836d1\/1\/filedown.pdf\"><span style=\"font-weight: 400;\">capital outflows<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the political realm, the record-high employment figures are unlikely to weaken main opposition Democratic Party leader Lee Jae-myung\u2019s <\/span><a href=\"https:\/\/koreapro.org\/2024\/04\/why-universal-cash-handouts-would-have-unintended-consequences-for-south-korea\/\"><span style=\"font-weight: 400;\">proposal<\/span><\/a><span style=\"font-weight: 400;\"> to provide approximately $180 (250,000 won) to every citizen. High interest rates and inflationary pressures have resulted in tepid consumption, contrasting with <\/span><a href=\"https:\/\/www.president.go.kr\/president\/speeches\/f1TkVk9u\"><span style=\"font-weight: 400;\">improved export numbers<\/span><\/a><span style=\"font-weight: 400;\">. Lee is running to remain as the party\u2019s leader for another term.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s employment rate for those 15 and above remained at record highs in June, while the unemployment rate stayed at the second-lowest level historically, according to data from the Ministry of Employment and Labor. The number of employed persons came to 28.91 million last month, up 96,000 from a year earlier, slightly expanding compared [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2205745,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2205744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s job market shines, but economic storm brews - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/07\/south-koreas-job-market-shines-but-economic-storm-brews\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s job market shines, but economic storm brews - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s employment rate for those 15 and above remained at record highs in June, while the unemployment rate stayed at the second-lowest level historically, according to data from the Ministry of Employment and Labor. 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