South Korea's seasonally adjusted unemployment rate maintained a steady rate of 2.7% in November, remaining unchanged from October, although it represents a slight decrease from 2.8% a year earlier, as reported by Statistics Korea on Wednesday. The employment-to-population ratio for those aged 15 and over also remained stable in November, positioned at a seasonally adjusted 62.7%, the same as October, but up marginally from 62.6% from the previous year. In November, South Korea's employment reached 28.8 million, an increase compared to 28.7 million a year ago, as indicated by the government agency. The number of unemployed individuals in South Korea dropped to 656,000 in November, a decline from 677,000 recorded a year earlier. The future employment climate in South Korea is expected to reflect much of the projected patterns for 2024, potentially experiencing some cooling, as outlined by the Bank of Korea. The South Korean economy is anticipated to grow by 2.4% in 2024, followed by a 2.1% increase in 2025, according to the latest forecast provided by the Bank of Korea in August. "The projection for the increase in employed individuals in South Korea is set at 200,000 for this year and 160,000 for the next, which falls short of previous expectations," the Bank of Korea explained. Furthermore, while South Korea's manufacturing sector is expected to keep adding to its workforce due to robust tech sales, the service sector may witness some contraction.

The construction sector is poised to reduce payrolls as a consequence of a downturn in the construction business cycle, as stated by the central bank..