Despite COVID-19, the number of employed last month rose by 1,037,000 people from February last year for its second straight month of a million-plus growth.
Statistics Korea’s report on employment in February released on March 16 said the number of employed last month hit 27,402,000, up 1,037,000 million year on year. This marked the 12th consecutive month of rise and a 22-year high in February growth since 1,362,000 in 2000.
The employment rate for those over age 15 last month was 60.6%, the highest for February since the government began compiling employment statistics in July 1982.
By industry, health and social welfare services added 254,000 staff (10.7%) and transportation and warehouse 135,000 (8.8%). Wholesale and retail (minus 1.4%) and finance and insurance (minus 0.5%), however, saw declines.
The number of unemployed reached 954,000 people, down 399,000 from the previous year. The jobless rate fell 1.5 percentage points to 3.4%, the lowest in February since the statistical authority began collecting such data under revised standards in June 1999.
The economically inactive population last month reached 16,857,000, down 412,000 year on year.
Statistics Korea said, “The base effect stemming from a sharp decrease of 473,000 in the number of employed in February last year, transition toward contactless digitalization and strong exports contributed to recovery in the labor market.”
Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki added on his Facebook account, “This (result) was partially influenced by the government expanding the number of quarantine staff and implementing public job projects on a full scale,” adding, “We will direct all of our efforts toward supporting small businesses and youth employment.”
Source: Korea.net