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Job losses extend into July amid pandemic, unemployment rate up to 4 pct

All News 08:06 August 12, 2020

SEOUL, Aug. 12 (Yonhap) -- South Korea lost about 277,000 jobs in July, marking a decline in the number of the employed for a fifth consecutive month, as the new coronavirus pandemic strained business activities, data showed Wednesday.

The country's jobless rate rose by 0.1 percentage point on-year to 4 percent in July, with the number of employed people falling to 27.1 million, according to the data compiled by Statistics Korea.

It marked the longest fall since the eight months of decline posted in 2009 amid the global financial crisis.

The employment rate for those aged between 15 and 64 reached 66 percent, down 1.1 percentage points on-year.

The number of economically active people decreased 236,000 to reach 28.2 million, while those inactive expanded by 502,000 to reach 16.5 million, the data showed.

The COVID-19 pandemic has been widely considered to have had a full-fledged impact on local job markets over the second half considering the time lag of one to two quarters of an economic crisis.

colin@yna.co.kr
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