Electronics, steel, semiconductor jobs increase, displays decrease

In the first half of this year, it is predicted that jobs will increase in the electronics, steel and semiconductor industries and the display industry will decrease. The machinery, shipbuilding, textile, automobile, construction, and financial insurance industries are expected to maintain their employment levels in the second half of last year.

On the 27th, the Employment Information Service and the Industrial Technology Promotion Agency announced the ‘prospects for jobs in major industries in the first half of 2022’. We analyzed employment changes in the first half of this year in eight manufacturing types, including machinery, shipbuilding, electronics, textiles, steel, semiconductors, automobiles, and displays, as well as in the construction, finance and insurance industries. The data of employment insurance insured persons, the labor force survey of businesses by occupation, and the economically active population survey were used as the basis. Compared to the same period last year, the expected employment growth rate was 1.5% or higher, ‘increase’, minus 1.5% to less than 1.5% ‘maintain’, and less than minus 1.5% as ‘decrease’.

The electronics industry is expected to increase 14,000 jobs (1.9%) from the same period last year. As for steel production, it is predicted that the number of employees will increase by 4,000 (3.9%) as domestic demand increases, exports increase, and imports decrease. In the semiconductor industry, an employment increase of 3,000 people (1.9%) is expected due to the expansion of facility investment. On the other hand, display is the only industry that expects a decrease in employment. According to the Korea Employment Information Service, “the global display market will shrink overall due to the decrease in the liquid crystal display (LCD) market despite the increase in demand for high value-added organic light emitting diodes (OLEDs),” said the Korea Employment Information Service. .

In the manufacturing industry such as machinery, shipbuilding, textiles, and automobiles, while the industry is showing an overall recovery, employment is expected to remain at a similar level to last year due to factors such as a rise in raw materials, unstable supply and demand for semiconductors, and a rise in freight rates due to the global logistics crisis.

Construction orders are also expected to increase YoY, but the extent of the increase will be limited. The size of employment is expected to increase by 1.3% (27,000 people). The financial and insurance industries predicted that the financial sector’s net interest margin and profitability would continue to rise as the shock of the spread of COVID-19 eased. In the first half of the year, employment is expected to increase 0.1% (1,000 people) from the previous year.


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