South Korea’s employment reduced 195,000 in March from a year earlier, marking the first decline in over 10 years, statistical office data showed Friday, Trend reports citing Xinhua.
The number of those employed was 26,609,000 in March, down 195,000 from a year earlier, according to Statistics Korea. It was the first reduction since January 2010, posting the biggest slide since the global financial crisis hit the global economy in May 2009.
The services industry was hit hard as the COVID-19 outbreak discouraged people from shopping and traveling.
The number of jobs in the wholesale and retail industry declined 168,000 in March from a year ago, with the figure in the lodging and eatery sector skidding 109,000.
Employment among manufacturers slipped 23,000 in the month, marking the first fall in three months.
Jobless rate fell 0.1 percentage point over the year to 4.2 percent in March. The number of those unemployed was 1,180,000 in March, down 17,000 from a year earlier.