Worst Unemployment in 21 Years

  • By Hong Jun-ki, Ahn Joong-hyeon

    August 13, 2020 11:37

    Land, Infrastructure and Transport Minister Kim Hyun-mee (left) and Finance Minister Hong Nam-ki attend a meeting at the government complex in Seoul on Wednesday. /Newsis

    Some 1.14 million Koreans were unemployed last month, the most for July since 1999 in the aftermath of the Asian financial crisis.

    According to Statistics Korea on Wednesday, unemployment stood at four percent, the worst seen since 2000.

    Among young people, unemployment stood at a record 25.6 percent when including jobseekers who are not categorized as jobless but are looking for work.

    The number of employed people last month declined by 277,000 on-year to 27.1 million, down for a fifth month running and marking the longest period of decline since the aftermath of the global financial crisis.

    Alarmingly, more and more people are being driven out of the job market completely due to the coronavirus epidemic. The economically inactive population, which refers to people who are either unable to work or have no intention of working, increased by 502,000 to 16.56 million, also the highest level since 1999. 

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