Korea's employment rate falls for the first time in nine years
  • 5 years ago
한경연 "작년 고용률, 9년만에 첫 하락"

Recet data shows both the quality and quantity of employment worsened in Korea last year,... with the employment rate falling for first time in almost a decade.
Arirang's senior economics correspondent, Kim Hyesung for us tonight.
Employment rate in the country has fallen for the first time in nine years.
According to the Korea Economic Research Institute, employment rate, the ratio of the employed to working age population aged 15 and over, dropped zero-point-one percentage points to 60-point-seven percent in 2018 from the previous year.
In particular, employment rate of those in their 40s and 50s dropped sharply by zero-point-four and zero-point-one percentage points.
Around 97-thousand new jobs were added last year.
By industry, jobs in manufacturing and education services dropped 56--thousand, 60-thousand respectively.
Those in health and social welfare services went up 125-thousand, and agriculture sector went up 62-thousand.
"The number of manufacturing sector jobs decreased due to struggling auto and shipbuilding industries. Most jobs created as of recent were in the public sector. And the income for these jobs are lower than the nation's total industry's average wages. So overall, quality of jobs last year worsened.
Given that those in their 40s and 50s account for around 40 percent of Korea's population over age 15 and are the main caregivers of their families, experts warned the current trend could hurt household consumption in the country.
While employment rate has dropped, unemployment rate went up zero-point-one percentage points to 3-point-eight percent in 2018.
The report said unless more jobs are created in the private sector, the employment market for this year will likely stay sluggish.
Kim Hyesung, Arirang News.
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