South Korea's temporary and daily workforce hits 31-year third-quarter low
Government data show that temporary and daily employment in South Korea fell to the lowest third-quarter level since 1995, dropping to 5.73 million workers.
Analysis of recent micro-data indicates that South Korea's temporary and daily labor pool contracted to 5.73 million in the third quarter, the smallest figure for that period since 1995. Daily employment dropped by 38,000, landing at 833,000, as construction firms cut back hiring, accounting for 74.6% of the overall decline. Workers in their 50s experienced the steepest fall, losing 21,000 jobs.
Temporary contracts, defined as lasting between one month and a year, fell by 57,000 to 4.89 million. The accommodation and food services industry shed the most temporary positions, losing 30,000 workers, followed by construction and the information and communications sector, each losing 22,000.
Why it matters
The decline signals ongoing weakness in South Korea's construction sector and broader labor market pressures.
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