March Employment Increased by 314,000... Rebound After 13 Months (Update)

Employment Trends in March

[Sejong=Asia Economy Reporter Son Seon-hee] The number of employed people increased last month for the first time in 13 months. Although the number of employed people, which had decreased consecutively for the past year due to the COVID-19 pandemic, rebounded, it is still too early to consider this a full-fledged employment recovery phase, as the base effect from the sharp spread of the pandemic starting in March last year plays a significant role.

According to the 'March Employment Trends' announced by Statistics Korea on the 14th, the number of employed people last month was 26,923,000, an increase of 314,000 compared to the same month last year. The employment rate for those aged 15 and over was 59.8%, also showing a slight rise of 0.3 percentage points during the same period.

Along with the increase in employed people, the number of unemployed also rose. Last month, the number of unemployed was 1,215,000, an increase of 36,000 compared to the same month last year. The unemployment rate rose by 0.1 percentage points to 4.3%.

The simultaneous increase in both employed and unemployed is due to the rise in the total economically active population, which can also be seen as a signal of recovery in the labor market. The economically active population recorded 28,138,000, an increase of 349,000 compared to the same month last year. On the other hand, the economically inactive population decreased by 54,000 to 16,869,000.

Jung Dong-myung, Director of the Social Statistics Bureau at Statistics Korea, said, "The increase in employed and unemployed people and the decrease in the economically inactive population reflect the effects of eased social distancing and the base effect from the employment shock in March 2019. While it is difficult to definitively say that the labor market is recovering, there seems to be some likelihood of it."

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