Employment gains driven by public hiring as Seoul secures oil supply and prepares emergency budget amid energy risks

South Korea’s employment rose by 234,000 in February from a year earlier, surpassing the 200,000 mark for the first time in three months, while the employment rate reached a record high for the month, government data showed on Wednesday. The employment rate for those aged 15 and over rose to 61.8%, with the labor force participation rate also hitting a February high, reflecting continued labor market resilience.

Job gains were driven by the services sector, particularly health and welfare, as public hiring programs resumed and demand increased ahead of the Lunar New Year holiday. Manufacturing employment remained in decline, though the pace of contraction eased on strong exports and improved business sentiment. Youth employment weakened, with the employment rate falling and the number of economically inactive young people remaining elevated. The finance ministry flagged geopolitical risks, including tensions in the Middle East, and said it would prepare a supplementary budget and targeted support measures.

South Korea’s employment rose by 234,000 in February from a year earlier, surpassing the 200,000 mark for the first time in three months, while the employment rate reached a record high for the month, government data showed on Wednesday. The employment rate for those aged 15 and over rose to 61.8%, with the labor force participation rate also hitting a February high, reflecting continued labor market resilience.

Job gains were driven by the services sector, particularly health and welfare, as public hiring programs resumed and demand increased ahead of the Lunar New Year holiday. Manufacturing employment remained in decline, though the pace of contraction eased on strong exports and improved business sentiment. Youth employment weakened, with the employment rate falling and the number of economically inactive young people remaining elevated. The finance ministry flagged geopolitical risks, including tensions in the Middle East, and said it would prepare a supplementary budget and targeted support measures.

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