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.

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South Korea Unemployment Rate

Actual Previous Highest Lowest Dates Unit Frequency
3.80 3.60 7.10 3.00 1999 - 2019 percent Monthly
SA



Calendar GMT Actual Previous Consensus TEForecast
2019-10-15 11:00 PM Sep 3.4% 3.1% 3.9% 3.8%
2019-11-12 11:00 PM Oct 3.5% 3.4% 3.8% 3.7%
2019-12-10 11:00 PM Nov 3.6% 3.5% 3.6% 3.7%
2020-01-14 11:00 PM Dec 3.8% 3.6% 3.6% 3.7%
2020-02-11 11:00 PM Jan 3.8% 3.8%


News Stream
2019-12-10
South Korea Unemployment Rate Inches Up to 3.6%
The unemployment rate in South Korea edged up to 3.6 percent in November 2019, from 3.5 percent in the previous month and matching market expectations. The number of unemployed increased by 49 thousand to 1.026 million, while the number of employed rose by 7 thousand to 27.264 million. The labour force participation rate went up to 63.4 percent from 63.3 percent, and the employment rate remained unchanged at 61.1 percent.

2019-11-12
South Korea Jobless Rate Climbs to 3-Month High
The unemployment rate in South Korea edged up to 3.5 percent in October 2019, up from 3.4 percent in the previous month and compared to market expectations of 3.8 percent. The number of unemployed increased by 23 thousand to 0.977 million, while the number of employed jumped by 98 thousand to 27.257 million. The labour force participation rate rose to 63.3 percent from 63.1 percent, and the employment rate to 61.1 percent from 60.9 percent.

2019-10-15
South Korea Unemployment Rate Climbs in September
The unemployment rate in South Korea increased to 3.4 percent in September 2019 rising from almost 6 year low of 3.1 percent in the previous month, but well below 4.0 percent in September 2018 and market expectations of 3.9 percent. The number of unemployed increased by 87 thousand to 0.954 million, while the number of employed declined by 37 thousand to 27.159 million. The labour force participation rate edged up to 63.1 percent from 63.0 percent.

2019-09-10
South Korea Jobless Rate Lowest since 2013
The unemployment rate in South Korea fell sharply to 3.1 percent in August 2019, compared to 4.0 percent in the previous month and 4.1 percent in August 2018. It was the lowest jobless rate since November of 2013, as the number of unemployed declined by 264 thousand to 0.867 million, while the number of employed jumped by 146 thousand to 27.196 million. The labour force participation rate edged down to 63.0 percent from 63.3 percent.

2019-08-13
South Korea Jobless Rate Unchanged at 4%
The unemployment rate in South Korea held steady at 4.0 percent in July 2019, slightly below market expectations of 4.1 percent. The number of unemployed increased by 4 thousand to 1.131 million, while the number of employed dropped by 32 thousand to 27.050 million. The labor force participation rate edged down to 63.3 percent from 63.4 percent.

2019-07-09
South Korea Unemployment Rate Stays at 4%
The unemployment rate in South Korea remained unchanged at 4.0 percent in June2019, compared to market expectations of 3.9 percent. The number of unemployed went down by 7 thousand to 1.127million, whereas the number of employed increased by 45 thousand to 27.082 million. The labor force participation rate fell remained at 63.4 percent.


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.

South Korea Labour Last Previous Highest Lowest Unit
Unemployment Rate 3.80 3.60 7.10 3.00 percent [+]
Employed Persons 27381.00 27264.00 27381.00 20268.00 Thousand [+]
Unemployed Persons 1068.00 1026.00 1546.00 691.00 Thousand [+]
Labor Force Participation Rate 62.90 63.60 64.20 48.50 percent [+]
Labour Costs 111.40 99.20 129.90 69.00 points [+]
Productivity 110.10 108.50 111.50 53.50 points [+]
Wages 3863726.00 3585588.00 4021244.00 2460239.00 KRW/Month [+]
Wages in Manufacturing 4199394.00 3804036.00 4654149.00 2520139.00 KRW/Month [+]
Minimum Wages 8350.00 7530.00 8350.00 600.00 KRW/Hour [+]
Population 51.61 51.36 51.61 25.01 Million [+]
Retirement Age Women 60.00 60.00 60.00 55.00 [+]
Retirement Age Men 60.00 60.00 60.00 55.00 [+]
Youth Unemployment Rate 7.30 7.10 13.40 3.80 percent [+]
Employment Rate 60.80 61.70 61.70 56.10 percent [+]