South Korea’s labor market continued to add jobs in March, but gains were increasingly concentrated among older workers, masking a prolonged decline in youth employment that has persisted for 41 consecutive months.
The economy added 206,000 jobs from a year earlier, extending a 15-month streak of employment growth, according to Statistics Korea. The unemployment rate fell to 3.0%, one of the lowest March readings on record.
But the composition of job growth points to a sharply uneven labor market.
Employment increased primarily among workers aged 60 and older, as well as those in their 30s. In contrast, employment fell among workers in their 20s and 40s. Youth employment, defined as those aged 15 to 29, declined for a 41st consecutive month.
By sector, job gains were led by health and social welfare services, transportation and warehousing, and leisure-related industries. Losses were recorded in public administration, professional and scientific services, wholesale and retail trade, manufacturing, and construction.
Despite uneven job creation, headline indicators remained strong. The employment rate for people aged 15 and older rose to 62.7%, the highest March level since 1982. The OECD-comparable employment rate also reached a record high, while labor force participation increased further.
The number of unemployed fell to 884,000, bringing the jobless rate down to 3.0%. Seasonally adjusted unemployment declined to 2.7%.
Still, signs of slack in parts of the labor market remained. The number of economically inactive people rose, while those classified as “resting” without active job search also increased.
