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195,000 jobs lost in S. Korea in March, marking largest y/y drop since May 2009

2020-04-17 18 Dailymotion

3월 취업자 19만5천명↓…2009년 5월 이래 최대 감소<br /><br />A clearer picture is emerging of the economic fallout hitting South Korea as a result of the coronavirus pandemic.<br />South Korea's latest job report is out.<br />It shows the outbreak has had a devastating effect on the local employment market.<br />Even prior to the outbreak, the employment prospects were looking grim, but the pandemic has twisted the knife on an already painful situation.<br />For more, we have our Kim Jae-hee on the line for us.<br />Jae-hee, not unexpected at all,... but bad news all the same.<br />Se-min, South Korea's saw the biggest decline in the number of jobs last month in almost eleven years.<br />March's fall was largely attributed to the global coronavirus outbreak,... which has already caused immense damage to the world economy.<br />According to Statistics Korea on Friday, the number of employed people in South Korea in March fell to some 26-point-six million.<br />That's down around 195-thousand compared to the same month last year,... marking the largest on-year fall since May 2009.<br />The employment rate for those aged between 15 to 64, was at 65-point-four percent, down point-eight percentage points compared to last year.<br />The employment rate for those aged between 15 and 29 also fell.<br />It was 41 percent,... down one-point-nine percentage points.<br />But the elderly 65 and older saw an increase of point-nine percentage points to 32-point-8 percent.<br />Despite the fall in the number of jobs,... the unemployment rate actually decreased point-1 percentage point on-year in March, to 4-point-2 percent.<br />This means this fallout is taking a toll on all corners of the economy,... not just on trade and business front.<br />Following the release of the Statistics Korea report South Korea's finance chief Hong Nam-ki said this morning that the government is working on a package of measures to reinvigorate the nation's job market at this difficult time.<br />That's all I have at this hour, but I'll be back with more updates in our later newscast.<br />Back to you.<br />

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