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 number of employed people stood at 29.12 million in May, down from 29.16 million a year earlier, according to data from the Ministry of Data and Statistics. Manufacturing shed 140,000 jobs for the 23rd straight month. Health and social welfare services added 212,000 positions. Bin Hyun-joon, a senior statistics official, said supply chain disruptions from the Middle East war took time to show in the job market. Finance Minister Koo Yun-cheol said the government will stay vigilant and take proactive steps amid uncertainties from the conflict.
