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KLI Employment & Labor Brief No. 105 (2021-01): 2021 H1 Labor Market Review and H2 Outlook
KLI Employment & Labor Brief No. 105 (2021-01): 2021 H1 Labor Market Review and H2 Outlook
  • Table of Contents

    Table of Contents 


    I. Labor Market Overview: H1 2021 

     

    II. Labor Market Sectoral Review: H1 2021 

     

    III. Employment Outlook: H2 2021 and beyond

     


    Summary 

     

    Employment began to gradually recover from the shock of the COVID-19 pandemic in the first half of 2021 (H1 2021). The total number of employed workers began an upward trend in February, bouncing back on rebounding exports, recovery in the construction sector, and improving overall business conditions in the traditional face-to-face service sectors.  

    According to survey data from the June 2021 Economically Active Population Survey, employment levels are at 99.4% of February 2020 (pre-crisis) levels, adjusted for seasonal employment. Total employment of those 15 and older is at 98.5% of pre-crisis levels. 

     

    Assuming widespread public inoculation against the COVID-19 proceeds as planned and stems the tide of infections, and barring any extraordinary global or domestic circumstances negatively affecting the labor market, the total number of employed should increase by 444,000 in the second half of 2021 (H2 2021), an increase of 281,000 year over year (YoY). However, we must closely monitor the employment situation, and specifically how the ongoing fourth wave of COVID-19 infections impacts employment.