COVID-19-Induced Employment Shock... March Employment Down by 195,000, First Decline in 10 Years (Update)

[Asia Economy Reporter Kwangho Lee] Due to the impact of the novel coronavirus infection (COVID-19), the number of new employed persons decreased by 195,000 in March this year. This is the largest decline in 10 years. The employment rate for those aged 15 to 64, based on the Organization for Economic Cooperation and Development (OECD) standards, recorded its lowest level since March 2016.

According to the 'March Employment Trends' announced by Statistics Korea on the 17th, the number of employed persons in March was 26,609,000, a decrease of 195,000 compared to the same month last year. This is the largest decline since May 2009, when it decreased by 240,000.

By industry, wholesale and retail trade (-168,000 persons, -4.6%), accommodation and food services (-109,000 persons, -4.9%), and education services (-100,000 persons, -5.4%) decreased.

On the other hand, agriculture, forestry, and fisheries (134,000 persons, 10.6%) and health and social welfare services (82,000 persons, 3.7%) increased. In particular, due to the spread of the 'social distancing' campaign, the use of delivery services increased, leading to growth in transportation and warehousing (71,000 persons, 5.0%).

By age group, most groups saw a decline: those in their 20s (-4.2 percentage points), 50s (-1.0 percentage points), 40s (-0.5 percentage points), and 30s (-0.4 percentage points). Those aged 60 and over increased by 1.2 percentage points.

The number of unemployed persons in February was 1.18 million, a decrease of 17,000 (-1.4%) compared to the same month last year.

By gender, males numbered 662,000, a decrease of 48,000 (-6.7%) compared to the same month last year, while females numbered 517,000, an increase of 31,000 (6.3%).

The unemployment rate was 4.2%, down 0.1 percentage points compared to the same month last year.

This content was produced with the assistance of AI translation services.