Due to the corona supply-dominant economy, the labor structure reorganization began with the same proportion of regular and temporary workers as the intensive increase of old labor.
The manufacturing industry seems to have continued to decline from 2019, and an employment structure in which the number of employed has increased only in areas where national treasury is concentrated, such as health, welfare, administration, and defense seems to have been established.
Compared to the previous month, the increase in employment is 408,000 people in their 60s, 130,000 people in their 20s, 13,000 people in their 50s, and the decrease is concentrated to 170,000 people in their 30s and 85,000 people in their 40s.
The number of employed by the National Statistical Office in March increased 314,000 (1.2%, compared to the previous year) for the first time after Corona's decrease of 195,000 in March last year, to 26923,000. The unemployment crisis was aggravated due to an increase of 36,000 (3.0%) compared to the previous year for 1215,000 unemployed.
The unemployment rate was 4.3%, up 0.1%p from March last year, which was the worst of the coronavirus, and the highest unemployment rate is the same as in March 2019 (4.3%), which appears to be a prolonged structural unemployment despite forced economic stimulus during the recession.
The continued increase in unemployment is concentrated in the traditional job market, with wholesale and retail business (-168,000 people, -4.8%), associations, repairs, personal services (-71,000 people, -5.9%), accommodation and food (- 28,000 people, -1.3%), etc., and the wholesale and retail business has been declining for 22 consecutive months since June 2019, making it a victim of economic restructuring due to the distribution of e-commerce through fiscal input.
The decline in the heavy industry's economic stimulus was concentrated, but the number of workers in the manufacturing industry declined for 21 consecutive months from April 2018, with a decrease of 11,000 people (-0.3%) compared to the same period last year in March.
The only number of workers in the manufacturing industry increased in January last year (8,000 people) before Corona, but declined for 13 consecutive months in March (-23,000 people) of Corona.
The only young people (ages 15-29) who rebounded increased by 148,000, mainly in the education service and information and communications industries, which are the government's fostering fields, but continued to decline from February of last year and then increased last month for the first time.
The education service industry declined from February of last year (-9 thousand people, -0.5%), but turned to an increase of 32,000 people (1.8%) this March.
Employment growth is limited to health and welfare services (171,000, 7.6%), public administration, defense, social administration (94,000, 9.0%), and construction (92,000, 4.7%), and regular and temporary employment. Because of this similar level, the polarization of labor is increasing.
The IMF said that it is necessary to carefully review future government spending plans to prevent the debt burden from exploding due to the aging of the Korean population.
On the 13th, the head of the Korean Mission, Andres Bauer of the IMF, said, “The burden of health care costs and aging continues to raise concerns. ”Said in an interview with Bloomberg.
Depending on the supply advantage, strengthening of public power began to clash with the labor market due to the increase in rigid expenses and the fiscal deficit and increase in taxation.