195,000 jobs lost in S. Korea in March, marking largest y/y drop since May 2009
Arirang News
2020-04-17
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3월 취업자 19만5천명↓…2009년 5월 이래 최대 감소
A clearer picture of the economic fallout facing South Korea from the coronavirus pandemic.
South Korea's jobs report is out. It shows nearly 200-thousand jobs were lost last month, the biggest monthly decline in 10 years and 10 months... since the global financial crisis in 2009.
The government said it will roll out measures to support the job market next week
Kim Jae-hee has our top story this evening.
South Korea last month saw the biggest decline in the number of jobs in almost eleven years.
March's fall was largely attributed to the coronavirus pandemic,... which has already caused immense damage to the global economy.
According to Statistics Korea on Friday, the number of employed people in South Korea in March fell to some 26-point-six million.
That's down around 195-thousand compared to the same month last year,... marking the largest on-year fall since May 2009.
The employment rate for those aged between 15 to 64, was at 65-point-four percent, down point-eight percentage points compared to last year.
The employment rate for those aged between 15 and 29 also fell.
It was 41 percent,... down one-point-nine percentage points.
The virus also caused a massive rise in the number of people taking time off work.
A total of some one-point-six million people took a temporary leave of absence in March, up more than one-point-two million from a year earlier.
This is the largest on-year increase since statistics began in 1983.
One expert says the government needs to safeguard businesses until the outbreak is under control.
"For now, the primary job of the government has to be controlling the COVID virus. Until the COVID virus is under control,... the government has to make sure that companies do not go out of business, and the unemployed, and reasonable amount of income."
The Finance Ministry on Friday also gave a grim economic outlook.
Its monthly greenbook report highlighted that South Korea's domestic consumption contracted,.. and there were growing uncertainties surrounding outbound shipments.
Consumer sentiment for March was also around 78,... far below 100, meaning more people are pessimistic than optimistic about the local economy.
"Amid the grim economic outlook,... the Finance Ministry has pledged to come up with measures to improve the domestic economy and the dire employment figures.
Kim Jae-hee, Arirang News."
A clearer picture of the economic fallout facing South Korea from the coronavirus pandemic.
South Korea's jobs report is out. It shows nearly 200-thousand jobs were lost last month, the biggest monthly decline in 10 years and 10 months... since the global financial crisis in 2009.
The government said it will roll out measures to support the job market next week
Kim Jae-hee has our top story this evening.
South Korea last month saw the biggest decline in the number of jobs in almost eleven years.
March's fall was largely attributed to the coronavirus pandemic,... which has already caused immense damage to the global economy.
According to Statistics Korea on Friday, the number of employed people in South Korea in March fell to some 26-point-six million.
That's down around 195-thousand compared to the same month last year,... marking the largest on-year fall since May 2009.
The employment rate for those aged between 15 to 64, was at 65-point-four percent, down point-eight percentage points compared to last year.
The employment rate for those aged between 15 and 29 also fell.
It was 41 percent,... down one-point-nine percentage points.
The virus also caused a massive rise in the number of people taking time off work.
A total of some one-point-six million people took a temporary leave of absence in March, up more than one-point-two million from a year earlier.
This is the largest on-year increase since statistics began in 1983.
One expert says the government needs to safeguard businesses until the outbreak is under control.
"For now, the primary job of the government has to be controlling the COVID virus. Until the COVID virus is under control,... the government has to make sure that companies do not go out of business, and the unemployed, and reasonable amount of income."
The Finance Ministry on Friday also gave a grim economic outlook.
Its monthly greenbook report highlighted that South Korea's domestic consumption contracted,.. and there were growing uncertainties surrounding outbound shipments.
Consumer sentiment for March was also around 78,... far below 100, meaning more people are pessimistic than optimistic about the local economy.
"Amid the grim economic outlook,... the Finance Ministry has pledged to come up with measures to improve the domestic economy and the dire employment figures.
Kim Jae-hee, Arirang News."
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