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Jobless rate falls to 4.2 pct in March, 195,000 jobs lost

All News 08:16 April 17, 2020

SEJONG, April 17 (Yonhap) -- South Korea's jobless rate fell to 4.2 percent in March, but the nation lost about 195,000 jobs, marking the sharpest monthly decline in more than a decade amid the coronavirus pandemic, data showed Friday.

The unemployment rate decreased 0.1 percentage point on-year, but the number of employed people fell to 26.6 million in March, according to the data compiled by Statistics Korea.

The employment rate for young adults -- those aged between 15 and 29 -- also fell 0.8 percentage point on-year to 65.4 percent last month.

The coronavirus outbreak has hit hard temporary and daily employees, with the number of temporary workers plunging by 420,000 in March, the data showed.

March's tumble was attributed to the novel coronavirus outbreak, which has dealt a harsh blow to consumer spending and corporate activities, as people have been urged to avoid going out to help curb the spread of the disease.

Observers said the impact of the coronavirus may appear in the country's job data in the second half of the year, given the time lag of one to two quarters for an economic crisis.

Jobless rate falls to 4.2 pct in March, 195,000 jobs lost - 1


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