[Economic Outlook] Has the Employment Indicator Worsened Further? ... September Employment Trends to Be Announced on the 16th

(Photo) [Image source=Yonhap News]

[Asia Economy Reporter Jusangdon] On the 16th, Statistics Korea will announce the employment trends for September. This indicator is expected to worsen compared to August due to the impact of strengthened social distancing measures on restaurants and other establishments.

In the previous August employment trends, employment indicators all deteriorated. The number of employed persons last month was 27,085,000, a decrease of 274,000 compared to August of last year. On the other hand, the number of unemployed increased by 6,000 to 864,000. The unemployment rate rose by 0.1 percentage points to 3.1%, the highest for August since 2018 (4.0%).

On the 14th, the government plans to hold the 'Real Estate Market Inspection Meeting of Related Ministers' at the Government Seoul Office to actively discuss measures to stabilize the jeonse market. Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said at the National Assembly audit on the 8th, "Considering the past when the jeonse contract period was extended from one year to two years, I thought the effect of the three lease laws would appear in about two months after the real estate measures, but it is regrettable that stabilization has not been achieved," and added, "The government will continue to devise additional measures."

On the 13th, the International Monetary Fund (IMF) will release the World Economic Outlook. This outlook will include the economic growth forecasts for Korea for this year and next year. In June, the IMF projected the global economy's GDP growth rate for this year at -4.9% and Korea's at -2.1%.

Fiscal statistics will also be released. The Ministry of Economy and Finance will publish the October issue of the Monthly Fiscal Trends on the 12th. According to the previous September issue, the managed fiscal balance deficit, which shows the state treasury situation, was 98.1 trillion won at the end of July, an increase of 49.9 trillion won compared to the same period last year. As of the end of July, the national debt was 781 trillion won, an increase of 82.1 trillion won compared to the same period last year.

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