S.Korean manufacturers cut jobs for 5th month on restructuring

South Korean manufacturers cut jobs for five months in a row as the ongoing restructuring process continued among shipbuilders and shipping lines, a government report showed on Wednesday.

Employment in the manufacturing industry reduced 102,000 in November from a year earlier, after 115,000 employees were cut in October, according to Statistics Korea.

It marked the first time since 2009 when the global financial crisis erupted that the industry's employees declined over 100,000 for two straight months.

Job creation among manufacturers continued to slump for the fifth consecutive month since the industry's employment fell for the first time in about four years in July.

The government-led restructuring in the shipbuilding and shipping industries caused a slash in jobs among manufacturers. The industries suffered from losses and lower freight rates amid falling global trade caused by the prolonged economic slowdown.

Three key shipbuilders, including Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering, pledged to slash jobs and reduce facilities as part of efforts to streamline businesses and cut costs.

As there are major shipyards placed along the country's southeastern coastline, the restructuring especially hit hardest the regions, a traditional political home turf for the ruling Saenuri Party.

The number of those employed totaled 26,592,000 in November, up 339,000 from a year ago thanks to an increase of 111,000 jobs in the construction industry and the relatively better job creation in the agricultural sector. Endit