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Journal of Industrial Economics and TradeKIET Korea Institute for Industrial Economics and Trade

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Journal of Industrial Economics and Trade(JIET)」 is a biannual periodical. It contains creative theoretical and empirical researches and papers that will contribute to the economic and industrial policy making. Submissions are cordially invited.

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Seasonal Adjustment of Weekly Hours Worked Data from the

Author Hwang, Sunoong Date 2020.12.31 Series
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This paper analyzes the calendar and seasonal effects in Korean weekly hours worked time series. First, we find that both effects are highly significant for all major groups of the labor force. Second, because the hours data measures actual hours worked during the previous one week, it is greatly affected by the calendar characteristics of that week, rather than those of the whole month. Third, the application of the X-11 filter to the carefully pre-adjusted series against such calendar effects successfully eliminates seasonal effects in the original series. The results of this paper suggest that the Korean national statistical office needs to publish high quality seasonally adjusted data for hours worked series in order for users of the data to make a timely and accurate assessment of the current economic conditions.