The number of wage labor jobs in South Korea has seen a worrying decline, particularly among individuals in their 20s, as persistent underperformance in the construction and manufacturing industries continues to exert downward pressure on job growth. According to data released by the National Data Agency, the total increase in wage labor jobs for the third quarter of last year was recorded at just over 2.09 million, reflecting a modest year-on-year increase of 139,000 jobs, marking one of the lowest growth rates since data collection began in 2018. This trend indicates a concerning deceleration of job creation, especially following even more severe declines earlier in the year.

The construction sector has been particularly hard-hit, with 128,000 fewer wage labor jobs reported in the third quarter compared to the previous year, demonstrating a concrete downward trend over eight consecutive quarters. Simultaneously, the manufacturing industry also faced a reduction of 15,000 jobs, attributing much of this contraction to diminishing exports in sectors including metal processing and textiles, as well as layoffs from significant companies in the telecommunications and gaming industries.

Demographic shifts further complicate the job landscape, as the number of wage labor positions for South Koreans in their 20s has decreased by an alarming 127,000, continuing a consistent decline for twelve successive quarters. This substantial drop is exacerbated by a larger trend where the hiring rate for those in their 30s is reportedly outpacing those in their 20s, suggesting that the labor market is increasingly favoring older workers even as the population of younger individuals is shrinking. Expert analysis indicates that while population decline is a factor, it does not fully account for the scale of job loss experienced by this age group, signaling deeper structural issues within the labor market.