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S. Korea's job loss continues into May amid pandemic, but pace slows

All News 08:00 June 10, 2020

SEJONG, June 10 (Yonhap) -- South Korea lost about 392,000 jobs in May, marking the third consecutive monthly decline in the number of employed people as the coronavirus pandemic hammered job markets, data showed Wednesday.

The country's jobless rate rose by 0.3 percentage point on-year to 4.5 percent in May, and the number of employed people fell to 26.93 million, according to the data compiled by Statistics Korea.

The employment rate for young adults -- those aged between 15 and 29 -- also fell 1.4 percentage points on-year to 42.2 percent last month.

The coronavirus outbreak has hit temporary and daily employees hard, with the number of temporary workers plunging by 501,000 in May, the data showed.

May's tumble was attributed to the COVID-19 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 jobs data in the second half of the year, given the time lag of one to two quarters for an economic crisis.

S. Korea's job loss continues into May amid pandemic, but pace slows - 1


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