South Korea snapped a year-long losing streak in job data in March helped by revived manufacturing activity and IT and public hiring against a poor year-ago period of the first ravaging wave of Covid-19.

According to data released by Statistics Korea, the number of employed totaled 26.92 million in March, up 314,000 from a year earlier. It is the first job addition since March last year, breaking the longest losing streak of 12 straight months since the international bailout period of 1998-1999.

The payroll increase goes against a negative number in March when the Covid-19 began to make toll on jobs.

Chung Dong-myung, head of social statistics planning at Statistics Korea, said that the number of employed also increased from the previous month and could signal improvement in the job market.

By age, individuals aged 60 and over saw the biggest job growth of 408,000 in March, 20s 130,000, and 50s 13,000. Those in their 30s and 40s, however, lost jobs by 170,000 and 85,000, respectively.

The wholesale and retail industry, accommodation and restaurant sectors lost jobs among those in their 40s while professional science and technology service sector gained jobs.

Overall, healthcare and social welfare service sector gained the largest 171,000 jobs in March, followed by public administration, defense and public service administration 94,000.

The wholesale and retail industry lost 168,000 jobs in March from a year earlier, association and group-led business, repair, and other personal service sector 71,000 jobs, and accommodation and restaurant sector 28,000.

From the previous month, job conditions improved in the education service sector. In February, it shed 82,000 jobs while in March, added 32,000 jobs. Arts, sports, and leisure-related service sector also gained 1,000 jobs in March, a turnaround from 52,000 loss in February.

The number of full-time workers increased 208,000 in March, temporary workers 206,000, and day-to-day laborers 41,000. The number of self-employed with non-paid hires also gained 13,000, while that with paid hires decreased by 94,000.

There were a total 427,000 workers on temporary leave, down 1.18 million from a year earlier.

The employment rate for those aged 15 years and older rose 0.3 percentage point to 59.8 percent from a year ago. The figure for those aged 15 to 64 – the standard of Organization for Economic Cooperation and Development – also increased by 0.3 percentage points to 65.7 percent.

A total 1.215 million people were unemployed in March, up 36,000 from a year earlier. Jobless rate rose 0.1 percentage point to 4.3 percent, data showed.

Economically inactive population – those neither working nor actively seeking jobs –fell 54,000 on year to 16.9 million in March, falling for the first time in 13 months.

By Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]