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According to the ‘October Employment Trends’ published by the National Statistics Office on the 11th, the number of people employed last month was 27088,000, 421,000 less than a year ago. This is the largest decrease in six months since last April (-476,000 people).
The number of employees is March (-195,000), April (-476,000), May (-392,000), June (-352,000), July (-277,000) People), August (-274,000 people) and September (-392,000 people) , followed by a decline for eight consecutive months. It is the longest drop since the drop for eight consecutive months in January-August 2009, just after the global financial crisis. The decline slowed from May but increased for a second month since September due to the reproliferation of Corona 19.
By industry, the decline continued in the accommodation / restaurant business (-227,000 people), wholesale / retail business (-188,000 people), educational services business (-103,000 people) and manufacturing industry (-98,000 people). In the case of manufacturing, the decrease in the number of employees in car trailers and metal processing, which has a large export share, increased from the previous month (-68,000).
In October, social distancing to the first stage was softened, but in the accommodation and catering businesses, the decrease in employed persons with respect to the previous year remained at a level similar to that of September (-225,000 people). Education services, which focus on academia, and wholesale and retail businesses declined less than the previous month.
By age, the number of employees aged 60 and over increased by 375,000, but in the 30s (-240,000), in the 20s (-210,000), in the 40s (-192,000) and in the 50s (-114,000). All diminished. The number of young employed (15-29 years old) fell by 250,000. The aftermath of Corona 19, such as a decline in recruitment, is intensifying.
By job, the number of salaried workers decreased by 306,000 and the number of non-salaried workers decreased by 115,000. Among salaried workers, the number of regular workers increased by only 14,000. According to statistics, the number of ‘temporary casualties’ classified as employed was 497,000, an increase of 190,000 compared to the same month the previous year. The employment rate over 15 years was 60.4%, 1.3 percentage points less than a year ago. It is the lowest level in eight years since October 2012 (60.3%).
The number of unemployed was 1,028,000, an increase of 164,000 over the previous year. It has reached 1 million in the second month after registering 1 million in September. The unemployment rate was 3.7%, 0.7 percentage points more than a year ago.
The inactive population was 16,736,000, an increase of 508,000 from the same month last year. In particular, among the inactive population, 2,359,000 people were classified as “at rest”. The ‘relaxed’ population is 20 years old (71,000 people ↑), 30 years old (57,000 people ↑), 40 years old (56,000 people ↑), 60 years or more (6) excluding 50 years (4000 people ↓) 13,000 ↑), all increased. However, the increase in “rest” was 247,000 people, less than in September (288,000 people).
Vice Premier Hong Nam-ki and Minister of Strategy and Finance said: “We are well aware of the fact that the employment situation will last more than 8 months due to the Corona 19 incident.” said.
