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JOB MARKET STRUGGLES AMID PANDEMIC
입력 2020.06.11 (15:03) 수정 2020.06.11 (17:10) News Today
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동영상영역 시작
동영상영역 끝
[Anchor Lead]

The job market is struggling amid the coronavirus pandemic. The number of jobs contracted by 392,000 on-year in the month of May, posting a decrease for the third consecutive month. The youth employment rate, in particular, has declined. The impact was found to be especially severe in the dining, hospitality, wholesale and retail sectors.

[Pkg]

​According to the Statistics Korea, 26 million 930,000 jobs were added last month, a decrease of 392,000 from the same period last year. The decrease is smaller than in April, when 476,000 jobs were lost, but the downward trend remains persistent. The job market has recorded a decline for three consecutive months for the first time since October 2009 through January 2010, when the repercussions of the global financial crisis were most palpable. The wholesale, retail, hospitality and dining sectors, which involve face-to-face contact with customers, have lost more than 180,000 jobs. The manufacturing sector also posted a decline in employment for three straight months due to export and import restrictions caused by the pandemic. The number of jobs has contracted across all age groups, except for those who are 60 and older. People in their 40s posted the largest decrease in jobs, followed by those in their 30s, 50s and 20s. The number of the unemployed grew by 133,000, reaching one million 278,000, while the unemployment rate rose 0.5 percentage points to 4.5 percent. Those are the highest levels for the month of May since 1999, the first year for which these statistics were collected. The economically active population has shrunk by 259,000 people, whereas the number of people not engaged in any economic activities has surged by 555,000. The number of those who said they were just resting has increased by 323,000 from the corresponding period last year.

[Soundbite] KIM YONG-BEOM(VICE MINISTER OF STRATEGY AND FINANCE) : "The surge in the number of temporarily unemployed persons serves as proof that the job market is becoming more stabilized. However, if unemployment becomes protracted, they could end up completely jobless."

The youth employment rate, in particular, contracted 1.4 percentage points. The Statistics Korea attributes the trend to delays in hiring and job interviews during the spring season, and stagnation in sectors involving face-to-face contact with customers.
  • JOB MARKET STRUGGLES AMID PANDEMIC
    • 입력 2020-06-11 15:06:03
    • 수정2020-06-11 17:10:34
    News Today
[Anchor Lead]

The job market is struggling amid the coronavirus pandemic. The number of jobs contracted by 392,000 on-year in the month of May, posting a decrease for the third consecutive month. The youth employment rate, in particular, has declined. The impact was found to be especially severe in the dining, hospitality, wholesale and retail sectors.

[Pkg]

​According to the Statistics Korea, 26 million 930,000 jobs were added last month, a decrease of 392,000 from the same period last year. The decrease is smaller than in April, when 476,000 jobs were lost, but the downward trend remains persistent. The job market has recorded a decline for three consecutive months for the first time since October 2009 through January 2010, when the repercussions of the global financial crisis were most palpable. The wholesale, retail, hospitality and dining sectors, which involve face-to-face contact with customers, have lost more than 180,000 jobs. The manufacturing sector also posted a decline in employment for three straight months due to export and import restrictions caused by the pandemic. The number of jobs has contracted across all age groups, except for those who are 60 and older. People in their 40s posted the largest decrease in jobs, followed by those in their 30s, 50s and 20s. The number of the unemployed grew by 133,000, reaching one million 278,000, while the unemployment rate rose 0.5 percentage points to 4.5 percent. Those are the highest levels for the month of May since 1999, the first year for which these statistics were collected. The economically active population has shrunk by 259,000 people, whereas the number of people not engaged in any economic activities has surged by 555,000. The number of those who said they were just resting has increased by 323,000 from the corresponding period last year.

[Soundbite] KIM YONG-BEOM(VICE MINISTER OF STRATEGY AND FINANCE) : "The surge in the number of temporarily unemployed persons serves as proof that the job market is becoming more stabilized. However, if unemployment becomes protracted, they could end up completely jobless."

The youth employment rate, in particular, contracted 1.4 percentage points. The Statistics Korea attributes the trend to delays in hiring and job interviews during the spring season, and stagnation in sectors involving face-to-face contact with customers.
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