257,000 Jobs Disappeared This Year

By Lee Hyo-sik

Staff Reporter



As many as 257,000 jobs have disappeared so far this year, and many research institutes project a net loss of 500,000 jobs in total for 2009.



The nation lost more jobs than it generated in February for the third consecutive month, with worsening labor market conditions hitting university graduates particularly hard.



According to the National Statistical Office (NSO) Wednesday, 142,000 jobs disappeared last month after net slides of 103,000 in January and 12,000 in December last year. February marks the largest year-on-year job loss since September 2003, when the nation lost 189,000 jobs in the aftermath of the bursting of the credit card bubble.



Strategy and Finance Minister Yoon Jeung-hyun said the country will lose around 200,000 more jobs than it generates this year, and vowed to help create as many new positions as possible through massive fiscal stimulus and deregulations. But most private research institutes are projecting a net loss of as many as 500,000 jobs, signaling a tighter job market in the months to come.



The jobless rate rose to 3.9 percent in February from 3.5 percent a year ago, while the unemployment rate among people aged 15-29 stood at 8.7 percent, sharply up from 7.3 percent.



The Lee Myung-bak administration initially vowed to create 350,000 jobs early last year but later slashed its job growth target to 200,000. It then lowered the figure further to 100,000 for this year. However, with rapidly falling exports and continued sluggish private consumption amid the worldwide economic slump, the government has now been forced to abandon its goal of 100,000 new jobs.



``The market normally remains stagnant in February, due to seasonal factors, as agricultural and construction sectors do not hire many workers. Additionally, high school and college graduates join the labor market,'' an NSO official said.



But above all, companies continue to dismiss a large number of existing workers to cut costs and stay afloat amid the deepening economic downturn, he said.



The number of construction workers declined 17,000 in February from a year earlier, while those in the manufacturing, and retail and wholesale sectors fell 176,000 and 116,000, respectively. The public and private services sectors added 239,000 new workers to their payrolls.



The number of people employed in their 20s and 30s fell by 171,000 and 167,000, respectively, from a year ago, but the number of workers in their 40s and 50s increased by 25,000 and 183,000.



The level of regular workers rose by 390,000 from the previous year, with that of non-permanent and temporary employees decreasing 273,000 to 6.75 million.



The economically inactive population totaled 16.23 million last month, up 509,000 from a year ago, as more people gave up searching for jobs. The economically inactive population refers to people aged over 15 who are neither working nor looking for work because of housekeeping, childcare, old age, study, health problems or other reasons, according to the statistical office.



leehs@koreatimes.co.kr