According to data released Tuesday by the Ministry of Employment and Labor, new job postings fell 42.7 percent year-over-year to 135,000 last month, while the number of job seekers declined 6.5 percent to 479,000. The job-to-applicant ratio sank to 0.28 — the lowest level since 1999.
The downturn has hit the manufacturing and construction sectors particularly hard.
The manufacturing industry has now seen employment insurance subscribers decline for 16 consecutive months, excluding mandatory foreign worker registrations. Meanwhile, the construction sector has reported shrinking employment insurance enrollment for 18 straight months.
“The economic slowdown, particularly in manufacturing, construction, and business services, has significantly dampened corporate hiring,” said Cheon Kyung-gi, head of the ministry’s future employment analysis division.
The deteriorating job market underscores broader economic challenges.
The number of employed individuals fell by 52,000 in December 2024 compared with a year earlier, marking the first annual decline since the COVID-19 pandemic.
Additionally, employment insurance subscribers grew by just 0.8 percent — or 115,000 people — in January, the weakest increase in 21 years, since the credit card crisis of 2004.
Copyright ⓒ Aju Press All rights reserved.
