(LEAD) Job additions stretched to 3rd month in May

김수연 / 2021-06-09 08:43:45
  • facebookfacebook
  • twittertwitter
  • kakaokakao
  • pinterestpinterest
  • navernaver
  • bandband
  • -
  • +
  • print
(LEAD) jobless rate-May
▲ In the April 14, 2021, file photo, jobseekers look at an employment information bulletin board at a job arrangement center in Seoul. (Yonhap)

▲ Citizens wait to apply for unemployment claims at a state employment center in northern Seoul on April 12, 2021, in this file photo. (Yonhap)

(LEAD) jobless rate-May

(LEAD) Job additions stretched to 3rd month in May

(ATTN: UPDATES with more details from para 7; ADDS photo)

By Kim Soo-yeon

SEOUL, June 9 (Yonhap) -- South Korea reported job growth for the third straight month in May, data showed Wednesday, in the latest sign that the job market is recovering from slumps caused by the pandemic.

The number of employed people reached 27.6 million last month, 619,000 more than a year earlier, according to the data compiled by Statistics Korea.

The May addition was lower than the previous month's 652,000 increase, the largest job growth in almost seven years.

In March, the number of working people increased by 314,000 from a year earlier, the first job growth in 13 months.

The COVID-19 pandemic has dealt a severe blow to the job market, with the country reporting job losses for the 12th straight month in February.

But amid an economic recovery, a lower base effect and relaxed distancing rules helped create more jobs in May, according to the statistics agency.

The improved jobs data came as the South Korean economy is on a recovery track on the back of robust exports and reviving consumption.

Asia's fourth-largest economy grew 1.7 percent in the first quarter from three months earlier, faster than an earlier estimate of 1.6 percent, according to the Bank of Korea (BOK).

Last month, the BOK revised up its 2021 growth outlook for the Korean economy to an 11-year high of 4 percent from its earlier estimate of 3 percent. Last year, the Korean economy contracted 0.9 percent amid the COVID-19 pandemic.

The number of unemployed people came to 1.15 million last month, down 130,000 from a year earlier, according to the statistics office.

The country's jobless rate fell 0.5 percentage point on-year to 4 percent last month. The unemployment rate for young adults -- those aged between 15 and 29 -- also fell 0.9 percentage point on-year to 9.3 percent.

The employment rate for such young adults came to 44.4 percent, the highest since 45.5 percent in May 2005.

The number of non-economically active people, those who have no willingness to work, declined for the third straight month. The number of such people fell 196,000 on-year to 16.4 million last month.

Despite overall job growth, the service sector, hit hard by the COVID-19 pandemic, still reported some slumps in employment. But a severe job erosion eased as people increased economic activity amid warm weather and relaxed distancing rules.

The wholesale and retail sector reported a fall of 136,000 jobs in May, less than a decline of 182,000 the previous month. The accommodation and food service segment reported job additions for the second straight month, with an on-year gain of 4,000 jobs last month.

The manufacturing sector, a backbone of the country's economy, added 19,000 jobs in May, marking the second consecutive month of job growth.

In May, the number of permanent workers grew 355,000 on-year and that of temporary workers rose 307,000. But jobs for day laborers declined 20,000.

Experts said the job market is rebounding from deep slumps, but it may take longer for the country to post a full-fledged recovery, given the sluggishness of the in-person service sector.

Last month, the BOK forecast the number of employed people to grow 140,000 this year, up from its February estimate of an increase of 80,000. Next year, the number of working people is projected to increase 230,000.

Last year, the number of hired people in South Korea declined by 220,000, the largest number of job losses since 1998.

(END)

(C) Yonhap News Agency. All Rights Reserved

Comment >

Most Viewed

K-POP

more

Drama/Movie

more

BRAND N TREND

more

TRIP

more