(LEAD) S. Korea loses 40,000 jobs in May, first decline in 17 months

South Korea experienced a significant job market downturn in May, with employment figures dropping by 40,000 compared to the previous year. This marks the first time the nation has seen a year-on-year decline in jobs in 17 months, signaling a potential shift in economic momentum. The manufacturing sector, in particular, contributed to the overall job losses. This development follows a period of consistent job growth, raising concerns about the country's economic recovery.

This job market contraction could indicate underlying economic weaknesses that may impact consumer spending and overall economic growth.