South Korea wage jobs rise by 292,000 amid youth employment decline

South Korea's wage-earning jobs saw a significant recovery in the first quarter, increasing by 292,000 positions compared to the same period last year. This represents the largest growth in two years, following a period of stagnation.

However, the data reveals a deepening generational divide in the labor market. Job growth was primarily driven by those aged 60 and older, who saw an increase of 233,000 positions, and those in their 30s, who saw a record increase of 115,000. Conversely, employment for those aged 20 and younger fell by 76,000, marking the 14th consecutive quarterly decline since late 2022.

Sectoral performance was also uneven. The health and social welfare sectors led growth with 127,000 new jobs, followed by accommodation and food services. In contrast, the construction industry saw a decline of 52,000 jobs. Despite the ongoing boom in the semiconductor industry, employment in that sector grew by only 5,000 jobs, as high levels of automation and capital-intensive production limit direct large-scale job creation.