4.32 Million Manufacturing Workers in October... Lowest Since 2013 Industry Classification Revision
More than 10,000 Decrease Compared to One Year Ago... 124,000 Decrease in Ages 30 to 50
[Sejong=Asia Economy Reporter Moon Chaeseok] Last month, the number of manufacturing industry employees stood at 4,324,000, marking the lowest figure for October since the industrial classification revision in 2013. Disruptions in the Global Value Chain (GVC) caused production setbacks in the automobile sector, which influenced this decline.
According to the National Statistical Portal of Statistics Korea on the 14th, the number of manufacturing employees last month decreased by 13,000 compared to the same month last year, totaling 4,324,000. This is the lowest level since the 2013 industrial classification revision.
Comparing the number of manufacturing employees by age group to one year ago, decreases were observed in the 30s (-77,000), 40s (-25,000), and 50s (-22,000). The so-called "middle of the workforce," those in their 30s to 50s, saw a reduction of 124,000 people. As of last month, the age distribution of manufacturing employees was highest among those in their 40s at 27.0%, followed by those in their 50s (24.6%), 30s (23.7%), 20s (13.4%), 60 and above (10.8%), and teens (0.4%). A Statistics Korea official stated, "The decrease in automobile-related jobs is so significant that the decline in manufacturing employment continues, but the rate of decrease is slowing."
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The decline in employment has been slowing down, with decreases of 76,000 in August, 37,000 in September, and 13,000 in October. However, it is expected to be difficult for manufacturing employment numbers to recover quickly. The Korea Development Institute (KDI) recently forecasted in its "2021 Second Half Economic Outlook" that the impact of the GVC will continue until the first half of next year. There are also concerns about jobs in the automobile industry, where the share of electric vehicles is expanding. Electric vehicles have far fewer parts than internal combustion engine vehicles, which could reduce related jobs.
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