On Sunday, Statistics Korea reported that the number of employees in the manufacturing sector in South Korea fell at its fastest rate in 11 quarters due to a prolonged economic downturn. The data showed that in the July-September period, the average number of people employed by the manufacturing industry was 4.47 million – a decrease of 58,000 from the same period in the previous year.
This is the most significant year-on-year reduction since the fourth quarter of 2020, when the number of monthly employments dropped by 107,000 due to the COVID-19 pandemic. Manufacturing workers had experienced a resurgence in the fourth quarter of 2021 and for the following five quarters, employment remained in positive territory. However, in the first quarter of 2023, manufacturing employment decreased by 37,000 and by 49,000 in the subsequent quarter due to waning global demand.
This image provided by Yonhap News TV shows the manufacturing industry in South Korea. (PHOTO NOT FOR SALE) (Yonhap)
brk@yna.co.kr
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