Employment Panic Caused by 'COVID-19'... 476,000 Fewer Employed in April, Worst Since February 1999 (Update)

Job seekers visiting the job fair.

[Asia Economy Reporter Kwangho Lee] Due to the impact of the novel coronavirus infection (COVID-19), the number of new employed persons in April this year decreased by 476,000. This is the largest decline since February 1999, when the number decreased by 658,000 due to the foreign exchange crisis.

According to the 'April Employment Trends' announced by Statistics Korea on the 13th, the number of employed persons in April was 26,562,000, a decrease of 476,000 compared to the same month last year.

By industry, employment decreased in accommodation and food service activities (-212,000; -9.2%), education services (-130,000; -6.9%), and wholesale and retail trade (-123,000; -3.4%).

On the other hand, employment increased in health and social welfare services (77,000; 3.5%) and agriculture, forestry, and fisheries (73,000; 5.2%). In particular, due to the spread of the 'social distancing' campaign, the use of delivery services increased, leading to growth in transportation and warehousing (34,000; 2.4%).

By age group, the decrease was significant among those aged 29 and under (-40,900) and those in their 30s (-28,600). Employment among those aged 60 and over increased by 274,000.

The number of unemployed persons in April was 1,172,000, a decrease of 73,000 (-5.9%) compared to the same month last year.

By gender, the number of unemployed men was 675,000, a decrease of 72,000 (-9.6%) compared to the same month last year, while unemployed women numbered 497,000, a decrease of 1,000 (-0.3%).

The unemployment rate was 4.2%, down 0.2 percentage points from the same month last year.

The employment rate for those aged 15-64, based on the Organization for Economic Cooperation and Development (OECD) standard, was 65.1%, down 1.4 percentage points compared to the same month last year.

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