No. of people employed in S. Korea down 476,000 on-year in April
- 4 years ago
'코로나 고용쇼크' 4월 취업자 21년來 최대폭 감소…47.6만명↓
South Korean job losses rose at their sharpest pace in two decades last month as businesses slashed hiring to brace for the impact of the coronavirus pandemic.
Kim Jae-hee explains.
South Korea saw the biggest number of job losses in more than two decades last month,... due to the economic fallout from the coronavirus pandemic.
According to data released by Statistics Korea on Wednesday, the number of employed people in the nation was around 26-point-6 million.
This is down 476-thousand from the same month the year before, and the steepest loss since February 1999,... when jobs were down 658-thousand in the aftermath of the financial crisis.
The employment rate for those between 15 and 64-years-old was around 65-point-1 percent last month,... down 1-point-4 percentage points on-year.
The job market was particularly tough for young people. The 15-to-29 age bracket saw the employment rate drop by 2 percentage points on-year to 40.9 percent.
Job losses were mostly from service industries which require face-to-face interaction.
The restaurant and lodging sectors saw 212-thousand job losses compared to last year,... and the education sector lost 130-thousand jobs on-year. The wholesale and retail sector saw 123-thousand job losses.
An expert in the field said there's a possibility the job market may further contract,... and said the government should be focused on reviving industries hit hardest by the pandemic.
"It is expected that negative effect upon employment will increase to certain extend on the month of May and possibly June. The first thing is, the government's reaction has to be focused on certain industries, and second thing is, government has to be very active in preventing future unemployment."
"Amid the grim figures,... the South Korean government will hold emergency economic meetings on Thursday this week and next week, and discuss ways to create more than 550-thousand jobs as early as possible.
Kim Jae-hee, Arirang News."
South Korean job losses rose at their sharpest pace in two decades last month as businesses slashed hiring to brace for the impact of the coronavirus pandemic.
Kim Jae-hee explains.
South Korea saw the biggest number of job losses in more than two decades last month,... due to the economic fallout from the coronavirus pandemic.
According to data released by Statistics Korea on Wednesday, the number of employed people in the nation was around 26-point-6 million.
This is down 476-thousand from the same month the year before, and the steepest loss since February 1999,... when jobs were down 658-thousand in the aftermath of the financial crisis.
The employment rate for those between 15 and 64-years-old was around 65-point-1 percent last month,... down 1-point-4 percentage points on-year.
The job market was particularly tough for young people. The 15-to-29 age bracket saw the employment rate drop by 2 percentage points on-year to 40.9 percent.
Job losses were mostly from service industries which require face-to-face interaction.
The restaurant and lodging sectors saw 212-thousand job losses compared to last year,... and the education sector lost 130-thousand jobs on-year. The wholesale and retail sector saw 123-thousand job losses.
An expert in the field said there's a possibility the job market may further contract,... and said the government should be focused on reviving industries hit hardest by the pandemic.
"It is expected that negative effect upon employment will increase to certain extend on the month of May and possibly June. The first thing is, the government's reaction has to be focused on certain industries, and second thing is, government has to be very active in preventing future unemployment."
"Amid the grim figures,... the South Korean government will hold emergency economic meetings on Thursday this week and next week, and discuss ways to create more than 550-thousand jobs as early as possible.
Kim Jae-hee, Arirang News."