In February, 473,000 employees ↓, decreasing in the twelfth month … The decrease was less than in January (total)

The number of employees employed in February decreased by almost 500,000 from the previous year due to the cold wave of employment from the new coronavirus infection (Corona 19), which continued to decline for 12 months.

However, the number of employees fell by almost 1 million, and the drop narrowed compared to January, when the most severe “unemployment shock” occurred after the financial crisis of the International Monetary Fund (IMF).

It seems that social distancing has eased a bit and the government’s public employment program has also started.

◇ In February, the number of employed workers decreased by 473,000 … Improvement compared to January, which decreased by 982,000 people

According to the ‘Employment Trends for February’ published by the National Statistics Office on the 17th, the number of employed persons aged 15 years or more last month was 26,365,000, 473,000 less than in the same month last year.

The decline in the number of employees has continued for 12 consecutive months since the start of the Corona 19 crisis in March last year. It is the longest period since it declined for 16 consecutive months at the time of the financial crisis (January 1998 to April 1999).

However, compared to January, when 982,000 people fell, the decline was halved in February.

In January, the number of employed fell further since the Corona 19 incident due to the effects of high intensity distancing, the base effect of good employment in January last year when the number of employed increased by 568,000 and the gap in public jobs . during the end of the year and new year holidays.

February also had a base effect on the increase in the number of employed persons by 492,000 in February last year, but the decrease in the number of employed persons was less than the previous month as distances decreased and the gap in public jobs.

Chung Dong-myeong, director of the Korean Bureau of Social Statistics, said: “The employment trends survey period in February was between the 14th and the 21st, but on the 15th, there was a downward adjustment in the distance and the public employment program started, so I wonder if that effect was reflected in the employment trend. ”

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◇ The increase in the number of employed persons aged 60 and over has become the beginning of public labor activity.

By sectors, in February, the number of people employed in the face-to-face services industry such as the hotel and catering business (-232,000 people) and the wholesale and retail business (-194,000 people) continued to decline.

However, the decrease was less than in January (accommodation and catering business -367,000 people, wholesale and retail business -218,000 people) due to the reduction in distance.

Health and social welfare services (91,000 people), public administration, national defense and social security administration (38,000 people), agriculture, forestry and fishing (33,000 people) were increased.

By age, the number of employed persons decreased in most age groups, including those of 20 (-106,000), 30 (-238,000), 40 (-166,000) and 50 (-139,000). 60-year increase (212,000 people).

The number of employed persons aged 60 and over fell by 15,000 in January, but increased in February. It is analyzed as the impact of government labor projects, such as jobs for the elderly, began in earnest.

By employment situation, temporary workers (-317,000 people) and day laborers (80,000) decreased, but the decrease was less than in January (temporary workers -563,000, day laborers -232,000).

The number of permanent workers increased (82,000).

It was found that the number of self-employed with employees decreased (-156,000 people) and the number of self-employed without employees increased (45,000 people).

According to statistics, the number of temporary graduates classified as employees increased from 80,000 to 698,000. This is a decrease compared to January (892,000).

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◇ “Taking into account the base impact of last year’s labor shock, etc., the improvement will continue in March”

The employment rate over 15 years was 58.6%, 1.4 percentage points less than a year ago. In the same month, it is the lowest since February 2013 (57.5%).

The employment rate for people aged 15 to 64, which is the Organization for Economic Cooperation and Development (OECD) benchmark, fell 1.5 percentage points to 64.8%. It is also the lowest since February 2014 (64.6%) in the same month.

The number of unemployed increased from 201,000 to 1,353,000. The number of unemployed workers in January decreased slightly from a record 1.57 million, the highest level since the reorganization of the statistics in June 1999.

The unemployment rate was 4.9%, 0.8 percentage points more than a year ago.

The number of inactive economically active population increased from 562,000 to 17269,000.

Among the inactive population, the number of the “rested” population increased from 216,000 to 2,573,000, and the number of those who gave up the job search increased from 218,000 to 752,000.

After the employment situation hit a minimum in January and improved relatively in February, employment indicators, such as a decrease in the number of employed, are expected to improve in March.

It is an analysis that the base effect will work because the number of employed fell 195,000 in March of last year, and the coup to the employment of Corona 19 began.

Vice Premier Hong Nam-ki and Minister of Strategy and Finance said: “The employment trend in February is a notable relief from the difficulties in the labor market due to the third expansion of Corona 19. The main factor is the rapid recovery of employment in the face-to-face service industry due to improved quarantine conditions, “he said.

He added: “Taking into account the start of vaccination, the reduction of the distance from quarantine, the continuous improvement of exports and the basic impact of the employment impact of last March, the trend of improvement in the employment index is expected to continue in March”.

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