Seoul, Feb 16, 2025, IANS

Seoul, Feb 16 (IANS) The number of jobs in the South Korean manufacturing sector fell to the lowest level in 12 years in January amid weak economic growth, data showed on Sunday. The number of employed people in the manufacturing sector came to 4.39 million as of end-January, down 56,000 from a year earlier, according to the data compiled by Statistics Korea. The January reading marked the smallest level since January 2013, when the figure came to 4.32 million, reports Yonhap news agency. On a monthly basis, the number of manufacturing jobs has been on a constant decline since July 2024. The grim situation came as the economy has slowed down in South Korea on slowing export growth and weak domestic demand amid tougher global competition and heightened uncertainties sparked by policy changes under the new Donald Trump administration and martial law imposition by now-suspended President Yoon Suk Yeol in December. Employment in the construction sector also fell by 169,000 in January from a year earlier, which marked the largest on-year decline since the agency began compiling relevant data in 2013. It also logged the ninth consecutive monthly decline. Despite the fall in jobs in the manufacturing and construction sectors, the total number of jobs in the country rose by 135,000 in January, led by hiring in the public health and social welfare field. "Difficulties in the job market continue, particularly among young people, construction workers, temporary labourers and small business owners, as the economy is facing increasing downward pressure due to uncertainties at home and abroad," a finance ministry official said. In other developments, SK Group Chairman Chey Tae-won has met with Vietnam's Party General Secretary To Lam and discussed ways of enhancing cooperation in the energy sector and boosting the overall partnership, officials said on Sunday. Choi held talks with the Vietnamese senior official in Hanoi on Friday, accompanied by the chiefs of SK Innovation E&S Co., SK Energy Co., SKC Ltd. and SK Earth On Co.