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South Korea Surged 17 Year High in Manufacturing Jobs

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Published on : Apr 13, 2015

The total number of jobs in manufacturing across South Korea surged to a 17 year high this February. According to analysts, this exponential rise in the number of manufacturing jobs in the country is attributed by the aggressive job seeking propaganda by new entrants in the market and robust industrial restructuring. This information was revealed by the government data, exhibited on Monday. 

According to the latest statistics revealed by the country, manufacturing companies hired over 4.43 million as on February 2015, registering up by 3.7 percent, or to be specific the figure entailed rise in manufacturing jobs by 159,000 than what was registered the year before. 

The number of job vacancies recorded by the manufacturing sector of South Korea this year is the highest since the country registered 4.47 million jobs in December 1997. On February 2015, the industry marked 32nd consecutive month of registering year-on-year rise in the figure. 

Way back in the year 1975, the number of jobs created in the manufacturing sector totaled 2 million. The number jumped to 4 million in 1987 and reached the zenith in 1991 with 5.16 million jobs. However, it fell to 3.92 million 1998, as the country had to tackle the Asian financial crisis. However, the figures rose substantially in following years only to decline yet again during global economic crisis in 2008-2009, which was steered to an extent by Lehman Brothers debacle.

However, the latest figures yet again exhibit tremendous increase in job. But this increase has bewildered many analysts since it came at a time when other sectors registered only a sluggish rate of growth. There are a few opinion leaders who claimed that increase in jobs is taking place without positively benefiting the economic expansion in any way.