The unemployment rate in South Korea jumped to 5.4 percent in January of 2021 from 4.6 percent in the previous month and compared to 4.0 percent in the same month of the previous year. It was the highest unemployment rate since October of 1999, as the pandemic continued to weigh heavily. The number of unemployed surged by 262 thousand to 1.519 million, while the number of employed went down by 298 thousand to 26.485 million. Meanwhile, the labour force participation rate decreased to 62.3 percent from 62.4 percent, and the employment rate dropped to 58.9 percent from 59.6 percent. source: Statistics Korea

Unemployment Rate in South Korea averaged 3.67 percent from 1999 until 2021, reaching an all time high of 7.10 percent in June of 1999 and a record low of 3 percent in September of 2002. This page provides - South Korea Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2021.

Unemployment Rate in South Korea is expected to be 5.50 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 4.30 in 12 months time. In the long-term, the South Korea Unemployment Rate is projected to trend around 3.80 percent in 2022, according to our econometric models.

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South Korea Unemployment Rate

Actual Previous Highest Lowest Dates Unit Frequency
5.40 4.60 7.10 3.00 1999 - 2021 percent Monthly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-11-10 11:00 PM Oct 4.2% 3.9% 3.6% 3.8%
2020-12-15 11:00 PM Nov 4.1% 4.2% 3.7%
2021-01-12 11:00 PM Dec 4.6% 4.1% 4.1%
2021-02-09 11:00 PM Jan 5.4% 4.6% 4.1%
2021-03-16 11:00 PM Feb 5.4% 5.5%
2021-04-13 11:00 PM Mar
2021-05-11 11:00 PM Apr
2021-06-08 11:00 PM May


News Stream
S. Korea Jobless Rate Hits Highest Level Since 1999
The unemployment rate in South Korea jumped to 5.4 percent in January of 2021 from 4.6 percent in the previous month and compared to 4.0 percent in the same month of the previous year. It was the highest unemployment rate since October of 1999, as the pandemic continued to weigh heavily. The number of unemployed surged by 262 thousand to 1.519 million, while the number of employed went down by 298 thousand to 26.485 million. Meanwhile, the labour force participation rate decreased to 62.3 percent from 62.4 percent, and the employment rate dropped to 58.9 percent from 59.6 percent.
2021-02-09
South Korea Jobless Rate Jumps to 11-Year High
The unemployment rate in South Korea jumped to 4.6 percent in December 2020 from 4.1 percent in the previous month and compared to 3.7 percent in the same month of the previous year. It was the highest jobless rate since January of 2010, as the number of unemployed surged by 130 thousand to 1.284 million, while the number of employed went down by 248 thousand to 26.759 million. Meanwhile, the labour force participation rate decreased to 62.4 percent from 62.7 percent, and the employment rate dropped to 59.6 percent.
2021-01-12
South Korea Jobless Rate Inches Down
The unemployment rate in South Korea edged down to 4.1 percent in November 2020 from 4.2 percent in the previous month and compared to 3.6 percent in the same month of the previous year. The number of unemployed declined by 16 thousand to 1.153 million, while the number of employed went up by 167 thousand to 27.008 million. Meanwhile, the labour force participation rate increased to 62.7 percent from 62.4 percent, and the employment rate remained at 60.2 percent.
2020-12-15
South Korea Unemployment Rate Jumps to 4.2%
The unemployment rate in South Korea jumped to 4.2 percent in October 2020 from 3.9 percent in the previous month and compared to 3.5 percent in the same month of the previous year. The rate was also well above expectations of 3.6 percent. The number of unemployed increased by 81 thousand to 1.170 million, while the number of employed went up by 54 thousand to 26.841 million. Meanwhile, the labour force participation rate increased to 62.4 percent from 62.2 percent, and the employment rate remained at 59.8 percent.
2020-11-10

South Korea Unemployment Rate
In South Korea, the seasonally adjusted unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.