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Issue Report

Collection of full-length papers and in-depth analysis of economic and management issues.

Diagnosis and Assessment of Recent Employment Trends

Diagnosis and Assessment of Recent Employment Trends

SOHN Min-Jung

May 31, 2010

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Originally released on April 20, 2010

The March employment figures, released by Statistics Korea, showed signs of improvement in the Korean job market with more jobs and lower unemployment rates. Month-on-month growth in employment exceeded 70,000 for two consecutive months, putting the job market on the right track to recovery. The job market which shed 47,000 jobs month-on-month in October 2009 reversed course to gain 74,000 jobs in March 2010. On a year-on-year basis, 267,000 jobs were created in March, the biggest growth in 27 months since December 2007 when job growth posted 268,000.

The unemployment rate stood at 4.1% in March, a steep fall from 4.9% in February, and the number of unemployed dropped to about one million, down by 164,000 from the previous month. On a seasonally adjusted basis, the number of unemployed and the unemployment rate were 937,000 (down 139,000 month-on-month) and 3.8% (down 0.6% percentage point month-on-month) respectively.

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