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KLI Employment & Labor Brief No. 103 (2020-10): 2020 Labor Market Assessment and 2021 Outlook
KLI Employment & Labor Brief No. 103 (2020-10): 2020 Labor Market Assessment and 2021 Outlook
  • Table of Contents
    Table of Contents

     

    . Introduction

    . Evaluation of the 2020 Labor Market by Sector

    III. Employment Outlook for 2021

     

     

    Summary


    In 2020, the employment of temporary workers in face-to-face services such as food and lodging, educational services, health and welfare services, etc. was hit hard, especially among the young, the middle-aged, and women, who were largely employed as temporary workers. As long as the situation of the spread of COVID-19 does not change significantly, this situation is likely to continue. Increasing number of the middle-aged people moved into the economically inactive population and the youth unemployment rate is on the rise recently. Employment in the manufacturing industry continued to decline, and the employment in construction industry was not free from the industrial slowdown. In the second half of the year, employment in the non-face-to-face service industry increased, but employment in the face-to-face service industry failed to rebound. The employment situation next year will vary significantly depending on the extent of the spread of COVID-19. If the current COVID-19 situation continues, the number of the employed is expected to increase by 195,000 in 2021. The employment index may exceed the aforementioned forecast due to factors such as the recovery of the manufacturing industry in the second half of 2020, the increase in employment in the construction industry, the expansion of jobs with financial support, and the improvement of the COVID-19 situation.