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Photo = Hankyung DB
Last month, the number of employees fell by 421,000. This is the largest decline since April (-476,000 people), when the coldest job due to the new coronavirus infection (Corona 19) was the most severe. The unemployment rate also peaked in 20 years.
According to the ‘October employment trend’ published by the National Statistics Office on the 11th, the number of people employed last month was 27088,000, 421,000 less than in the same month last year.
The decline in the number of people employed peaked at 476,000 in April, followed by 392,000 in May → 352,000 in June → 277,000 in July → 274,000 in August. However, the decline increased to 392,000 in September and exceeded 400,000 last month. The government initially predicted that “September’s social distancing will ease and employment will improve in October,” but expectations were wrong.
The number of employees has decreased for eight consecutive months since last March. It is the same as the January-August 2009 record during the global financial crisis. The employment rate last month was 60.4%. It was down 1.3 percentage points compared to the same month last year.
The quality of employment is also deteriorating. The number of permanent workers, that is, salaried workers with a contract of more than one year, increased only 14,000 compared to the same month the previous year. This is the smallest increase in about 20 years since December 1999 (-56,000 people) during the financial crisis.
By age, the number of jobs for people over 60 continues to increase. Last month, the number of people aged 60 and over increased by 375,000. However, the rest of the age groups, including 20 years (-210,000), 30 years (-240,000), 40 years (-192,000) and 50 years (-114,000), declined.
By industry, the hotel and restaurant business (-227,000 people), the wholesale and retail business (-188,000 people) and the educational services business (-103,000 people) were severely affected. These industries were especially vulnerable to the Corona 19 crash, as they focused on face-to-face services. The manufacturing industry, which is classified as relatively high-quality jobs, is also experiencing severe employment difficulties. The decline in the number of employees increased from 68,000 in September to 98,000 last month.
The number of unemployed was 1,028,000, an increase of 164,000 over the previous year. The unemployment rate was 3.7%, 0.7 percentage points more than a year ago. It is the highest since 2000 (3.7%) to October.
Reporter Seo Min-joon [email protected]
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