No. of people employed in S. Korea down 392,000 on-year in May amid COVID-19 outbreak
- 4 years ago
'코로나 고용쇼크' 5월 취업자 39.2만명↓…석달 연속 감소
Last month, South Korea's jobless rate reached the highest level for the month of May since 1999.
The number of working people fell for a third month in a row.
Eum Ji-young reports.
South Korea saw job losses for the third straight month in May due to the economic fallout from the coronavirus pandemic.
According to data released by Statistics Korea on Wednesday, the number of employed people was around 26-point-9 million,… down 392-thousand from the same month a year earlier.
"This is the first time the figure has fallen for three months in a row since the October 2009 to January 2010 period in the aftermath of the global financial crisis."
The unemployment rate in May recorded 4-point-5 percent,... the highest for the month of May since records began in 1999.
The employment rate for people aged 15 to 64 decreased 1-point-3 percentage points on-year to 65-point-8 percent in May.
People between the ages of 40 to 49 were hit hardest in May,... seeing the employment rate drop by one-point-seven percentage points on-year to 76-point-8 percent.
Breaking it down by sector, the wholesale and retail sector saw 189-thousand job losses compared to last year, down 5-point-1 percent.
The restaurant and lodging sectors saw 183-thousand job losses,... down 7-point-9 percent on-year.
An expert says that although the impact of the pandemic is mostly felt in the service industry right now, the manufacturing sector will also be hit hard further down the road.
"As South Korea is part of global supply chains, employment in the manufacturing sector will worsen as international trade contracts amid the ongoing outbreak."
Finance Minister Hong Nam-ki said at a meeting with government officials on Wednesday that although the job market has been hit hard, the situation has improved when compared to the previous month.
"The finance minister also said that the third COVID-19-related supplementary budget should be approved in June in order to help boost the struggling employment situation."
Eum Ji-young, Arirang News.
Last month, South Korea's jobless rate reached the highest level for the month of May since 1999.
The number of working people fell for a third month in a row.
Eum Ji-young reports.
South Korea saw job losses for the third straight month in May due to the economic fallout from the coronavirus pandemic.
According to data released by Statistics Korea on Wednesday, the number of employed people was around 26-point-9 million,… down 392-thousand from the same month a year earlier.
"This is the first time the figure has fallen for three months in a row since the October 2009 to January 2010 period in the aftermath of the global financial crisis."
The unemployment rate in May recorded 4-point-5 percent,... the highest for the month of May since records began in 1999.
The employment rate for people aged 15 to 64 decreased 1-point-3 percentage points on-year to 65-point-8 percent in May.
People between the ages of 40 to 49 were hit hardest in May,... seeing the employment rate drop by one-point-seven percentage points on-year to 76-point-8 percent.
Breaking it down by sector, the wholesale and retail sector saw 189-thousand job losses compared to last year, down 5-point-1 percent.
The restaurant and lodging sectors saw 183-thousand job losses,... down 7-point-9 percent on-year.
An expert says that although the impact of the pandemic is mostly felt in the service industry right now, the manufacturing sector will also be hit hard further down the road.
"As South Korea is part of global supply chains, employment in the manufacturing sector will worsen as international trade contracts amid the ongoing outbreak."
Finance Minister Hong Nam-ki said at a meeting with government officials on Wednesday that although the job market has been hit hard, the situation has improved when compared to the previous month.
"The finance minister also said that the third COVID-19-related supplementary budget should be approved in June in order to help boost the struggling employment situation."
Eum Ji-young, Arirang News.