The seasonally adjusted unemployment rate in South Korea posted at 2.8% in October 2022, unchanged from the previous month and remaining at historically low levels as the labor market held up well in the face of rising interest rates, a weakening currency and growing recessionary risks. South Korea also reported job additions for the 20th straight month in October, though the pace of job growth slowed for the fifth month in a row amid heightened economic uncertainties. The number of employed stood at 28.41 million last month, up 677,000 from a year earlier, which was lower than the on-year increase of 707,000 tallied in September. source: Statistics Korea
Unemployment Rate in South Korea averaged 3.64 percent from 1999 until 2022, reaching an all time high of 7.10 percent in June of 1999 and a record low of 2.50 percent in August of 2022. 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 November of 2022.
Unemployment Rate in South Korea is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Unemployment Rate is projected to trend around 3.60 percent in 2023, according to our econometric models.