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The wave of hiring does not show signs of improvement. There is even a sign that a bigger "cliff of jobs" is coming. A crisis is detected in many places. There is a clear trend of "job loss" in the 40s and 50s, high school graduates and small self-employed, focusing on the most vulnerable groups. The manufacture, the supply of quality jobs, does not go away. It is also possible that the manufacturing jobs crisis could be spread to Gyeongseong, Yeongam and Ulsan in North Jeolla Province.
The "cold wind" is also spreading in the service sector. The government's unemployment rate has been declining for nine months and the unemployment rate was the highest in 13 years. Although the government has recently introduced measures for employment, it is difficult to find a turning point because of the creation of short-term jobs.
The National Statistical Office (NSO) released Jan. 14 the "Employment Trend in October" and stated that the employment rate of 15- to 64-year-olds last month was 61.2%. It is 0.2% lower than the year before. The employment rate has been steadily declining since February. In contrast, the unemployment rate was 3.5%, up 0.3 percentage points from last October. In October, it is the highest since October 2005 (3.6%). The number of workers increased by 64,000, falling below 100,000 for the fourth consecutive month.
The biggest concern is the sluggishness of jobs in the manufacturing sector. Last month, the manufacturing sector had 4,515,000 workers, 45,000 fewer than a year ago. It's the seventh month since April. The contraction in the manufacturing industry, including shipbuilding and automotive restructuring, had an impact. The LAB2050 private research institute measured the extent of the employment crisis in the unitary manufacturing sector nationwide and revealed that Jeonnam Gukseong (Kumho Tire), Yeongam (Hyundai Samho Heavy Industries) and Ulsan Bukgu (Hyundai Motors) were at high risk of an employment crisis. All are heavily dependent on the automotive industry and shipbuilding. LAB2050 Hwang Se-won, the researcher, said, "If you do not want these regions to fall into decay in an employment crisis, you must right now set up a response system."
Economy-sensitive jobs, such as wholesale and retail trade, the hotel and restaurant industry, have been interrupted. The number of wholesale and retail workers decreased by 100,000 (2.6%) between September and September. Accommodation and food services decreased by 97,000 (4.2%). The consequences of raising the minimum wage in an economy already in crisis. In the area of commercial facilities management, business support and leasing services, 79,000 (6.5%) decreased.
Low-performing jobs in the service sector are also evident in self-employment indicators. The number of self-employed workers per person fell by 101,000 last month. It has decreased by 100,000 since July. It's not that I acquired the status of self-employed with an employee hired when hiring a good employee. Last month, the number of self-employed workers fell by 4,000. This is the first time since July 2016 that self-employed and self-employed workers will decline simultaneously.
The evaporation of employment distances the job market from the most vulnerable. By age, the consequences were concentrated in the 40s and 50s. Last month, the number of people in their 40s decreased by 152,000. The decrease in the number of employed workers was greater than the decrease in the population (119 000). The population in the 50s also increased by 80,000 people, but the number of people employed was only 9,000. The director of employment statistics, Byeon Hyun-joon, from the Office National Statistics, said: "Currently, the number of employees is decreasing at the secondary level and the number of high school graduates is relatively high in the forties and fifties".
Last month, the government's "measures to support innovative growth and job creation" were criticized for failing to reverse the trend. Indeed, creating short-term jobs, such as "closing empty clbadrooms," is essential. Regulatory innovation, which is a fundamental requirement for the creation of new jobs, does not bring concrete results, so vacancies are likely to remain for the moment. Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki said, "There is an urgent need to increase job creation capacity by increasing economic vitality", he said. -he declares. "I will examine what the government can do in addition to the direction of economic policy next year".
Sejong = Jung Hyunsoo reporter [email protected]
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