The unemployment rate in South Korea climbed to a five-month high of 3.8 percent in December 2019 from 3.6 percent for both the previous month and market expectations. The number of unemployed increased by 42 thousand to 1.068 million, while the number of employed rose by 117 thousand to 27.381 million. The labour force participation rate went up to 63.7 percent from 63.4 percent, and the employment rate climbed to 61.3 percent from 61.1 percent. Unemployment Rate in South Korea averaged 3.65 percent from 1999 until 2019, reaching an all time high of 7.10 percent in June of 1999 and a record low of 3 percent in September of 2002. source: Statistics Korea
Unemployment Rate in South Korea is expected to be 3.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in South Korea to stand at 3.80 in 12 months time. In the long-term, the South Korea Unemployment Rate is projected to trend around 3.80 percent in 2020, according to our econometric models.