Government to closely monitor job market amid renewed Middle East tensions

The Finance Ministry said it will closely monitor sluggish employment sectors including manufacturing over concerns that renewed Middle East tensions could hurt the job market.

The Ministry of Finance and Economy held a joint task force meeting with the Labor Ministry in Seoul on Thursday after data showed South Korea added 63,000 jobs in June from a year earlier.

Asia's fourth-largest economy shed 40,000 jobs in May, the first decline in 17 months. Manufacturing lost 97,000 jobs and construction lost 67,000 jobs in June, marking the 24th and 26th straight months of declines.

"The figure rebounded in June following growing hopes that uncertainties had eased after the peace negotiations between the United States and Iran," the Finance Ministry said. It added that a comprehensive plan for youth jobs will be announced within the third quarter.

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South Korean factory workers leaving plant amid job losses in manufacturing sector
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South Korea loses 40,000 jobs in May, first decline in 17 months

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South Korea lost 40,000 jobs in May from a year earlier, marking the first decline in 17 months amid the impact of the prolonged Middle East conflict on the manufacturing sector.

The Finance Ministry announced on June 17 plans to roll out sector-specific job support measures for manufacturing, construction, agriculture and fisheries amid ongoing economic fallout from the Middle East crisis.

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South Korea added 63,000 jobs in June from a year earlier, marking the first rebound in two months. Manufacturing sector jobs continued to decline.

Finance Minister Koo Yun-cheol said Monday that South Korea will use its economic cooperation networks from summit diplomacy to manage global trade uncertainties including Middle East tensions.

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Finance Minister Koo Yun-cheol said Friday the government is taking extra vigilance over recent volatility in the foreign exchange market.

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