A photorealistic illustration of South Korea's slowing job market in Seoul, showing concerned workers on a quiet city street amid signs of economic challenges.
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South Korea adds 74,000 jobs in April, slowest in 16 months

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South Korea added 74,000 jobs in April, marking the slowest growth in 16 months amid higher oil prices and weaker consumer sentiment from the Middle East conflict.

Statistics Korea data showed the number of employed people reached 28.96 million in April, up 74,000 from a year earlier. This marked the weakest performance since a 52,000 on-year drop in December 2024, after growth had expanded in the 200,000 range in February and March.

The jobless rate stood at 2.9 percent, unchanged from a year earlier, with 853,000 unemployed, down 2,000. Health and social welfare services added 261,000 jobs while science and technical services shed a record 115,000 and manufacturing lost 55,000.

The finance ministry said it plans tailored support for young people and seniors while monitoring private sector conditions amid artificial intelligence-driven industrial shifts. Cash handouts for fuel price burdens and extra budget projects are expected to aid employment later, though risks persist due to the prolonged Middle East crisis.

Hvad folk siger

Initial reactions on X highlight concerns about the slowdown in South Korea's job growth to 74,000 in April. Posts link the weak figures to higher oil prices and Middle East tensions affecting consumer sentiment. Some note record drops in science and tech services and ongoing manufacturing challenges. Analysts question if the Bank of Korea may need to adopt a more dovish stance. Overall sentiment is cautious with warnings of broader economic risks.

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South Korea added 206,000 jobs in March, topping 200,000 for the second straight month. The number of employed people rose 0.7 percent from a year earlier to 28.79 million, data from the Ministry of Data and Statistics showed. Youth employment, however, declined for the 23rd consecutive month.

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South Korea added 234,000 jobs in February, marking the fastest on-year growth in five months, though youth employment slumped and construction losses persisted. Youth unemployment for ages 15-29 reached 7.7 percent, the highest for any February since 2021. The total number of employed people rose 0.8 percent to 28.41 million, per Ministry of Economy and Finance data.

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South Korea's industrial output, retail sales and facility investment all rose from a month earlier in March, official data showed on April 30. It marked the first time since September that all three indicators posted on-month growth. A ministry official said the Middle East crisis has not yet impacted the economy.

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South Korea's exports exceeded $85.89 billion in April, topping $80 billion for the second consecutive month. The figure jumped 48 percent from a year earlier, driven by robust semiconductor shipments. The trade surplus reached $23.77 billion, marking the second straight month above $20 billion.

US adds 178,000 jobs in March, beating expectations sharply

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Employers in the United States added 178,000 jobs in March, far exceeding economist expectations of 59,000, while the unemployment rate fell to 4.3 percent. This rebound followed a weak February, when payrolls dropped by 133,000. The White House highlighted the strong figures on social media.

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The Ifo Institute's employment barometer fell to 91.3 points in April, the lowest since December last year. Companies plan more layoffs than hires, especially in industry and trade. Ifo's Klaus Wohlrabe warns of ongoing pressure on the job market.

IMF holds South Korea's 2026 growth forecast at 1.9%, raises inflation to 2.5%

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The International Monetary Fund (IMF) kept its 2026 growth forecast for South Korea unchanged at 1.9 percent despite the Middle East crisis. The institution raised its inflation outlook for this year by 0.7 percentage point to 2.5 percent, citing rising global oil prices. The Ministry of Economy and Finance said strong exports and effects from a supplementary budget kept the growth outlook steady.

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