Though a new year has begun, increase in Korea’s working population is staying much below the target of both the current government and the new government, drawing a continuously worsening picture for the domestic job market.
According to the January employment statistics released by the National Statistical Office on February 18, domestic working population totaled 22,964,000 in January, up 1.0 percent, or 235,000 people, from the previous year.
Working population growth in January is the smallest after a 205,000 increase in December 2005. Year-on-year working population growth had exceeded 300,000 for two consecutive months in June (315,000) and July (303,000) last year while it shrank to 293,000 in August and hung below 300,000 for six months straight ever since: 292,000 in September; 287,000 in October; 281,000 in November; and 268,000 in December.
The January growth failed to attain both the incumbent Finance & Economy Ministry’s target of 300,000 for this year and the incoming Lee Myung-bak Administration’s annual target of 600,000 -- abstracted from a 3 million forecast for the next five years.
By industry, employment rose in private and public services sectors (348,000) and electric, transportation, communications and financial services (22,000), but fell in agriculture, forestry and fishery (-64,000); wholesale, retail, food and lodging (-37,000); manufacturing (-30,000); and construction (-5,000).
[Sun-young Park / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
According to the January employment statistics released by the National Statistical Office on February 18, domestic working population totaled 22,964,000 in January, up 1.0 percent, or 235,000 people, from the previous year.
Working population growth in January is the smallest after a 205,000 increase in December 2005. Year-on-year working population growth had exceeded 300,000 for two consecutive months in June (315,000) and July (303,000) last year while it shrank to 293,000 in August and hung below 300,000 for six months straight ever since: 292,000 in September; 287,000 in October; 281,000 in November; and 268,000 in December.
The January growth failed to attain both the incumbent Finance & Economy Ministry’s target of 300,000 for this year and the incoming Lee Myung-bak Administration’s annual target of 600,000 -- abstracted from a 3 million forecast for the next five years.
By industry, employment rose in private and public services sectors (348,000) and electric, transportation, communications and financial services (22,000), but fell in agriculture, forestry and fishery (-64,000); wholesale, retail, food and lodging (-37,000); manufacturing (-30,000); and construction (-5,000).
[Sun-young Park / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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