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South Korea’s job market is showing growing signs of strain, with new job postings falling sharply even as more people search for work.

According to the Ministry of Employment and Labor, just 154,000 new job openings were posted in March via the government’s Employment24 platform—down nearly 23 percent from the same month last year.

Meanwhile, the number of new job seekers rose 15 percent year-on-year to 480,000.

This imbalance has pushed the job openings-to-applicants ratio down to 0.32, the lowest level for March since the 1997-98 Asian financial crisis—meaning there were fewer than one-third of a job opening per applicant.

Officials say economic uncertainty and global trade risks, including new U.S. tariffs under President Trump, may be making companies reluctant to hire.

The mismatch between labor supply and demand is especially affecting young and middle-aged workers, while older age groups continue to see employment growth.