The seasonally adjusted unemployment rate in South Korea decreased to 2.6% in February 2023 from 2.9% in January. It was the lowest figure since August 2022. The number of people employed was recorded at 27.71 million in February, up 312,000 from a year ago. source: Statistics Korea

Unemployment Rate in South Korea averaged 3.63 percent from 1999 until 2023, 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 March of 2023.

Unemployment Rate in South Korea is expected to be 3.00 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 3.30 percent in 2024 and 3.20 percent in 2025, according to our econometric models.

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South Korea Unemployment Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-02-14 11:00 PM Jan 2.9% 3.1% 3.2%
2023-03-14 11:00 PM Feb 2.6% 2.9% 3.0%
2023-04-11 11:00 PM Mar 3.0%


Related Last Previous Unit Reference
Unemployment Rate 2.60 2.90 percent Feb 2023
Unemployed Persons 743.00 842.00 Thousand Feb 2023
Employed Persons 28374.00 28097.00 Thousand Feb 2023
Labor Force Participation Rate 63.10 62.60 percent Feb 2023
Employment Rate 61.10 60.30 percent Feb 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
2.60 2.90 7.10 2.50 1999 - 2023 percent Monthly
SA

News Stream
South Korea Jobless Rate Falls in January
The seasonally adjusted unemployment rate in South Korea increased to 2.9% in January 2023 from a downwardly revised 3.1% in December when it reached the highest reading since January 2022. The economy added jobs for the 23rd straight month, but the growth continued to slow for the eighth consecutive month. The number of people employed was recorded at 27.36 million in January, up 411,000 from a year ago, but 509,000 fewer jobs were added compared to the previous month. Considering 2022, South Korea added 816,000 jobs on the year, due to the post-pandemic recovery.
2023-02-14
South Korea Jobless Rate at 11-Month High
The seasonally adjusted unemployment rate in South Korea rose to 3.3% in December 2022 from 2.9% in November. It was the highest reading since January 2022 as the number of people employed stood at 27.808 million in December, up 509,000 from a year ago, but lower than the on-year increase of 626,000 tallied in November.
2023-01-10
South Korea Jobless Rate Ticks Up in Nov
The seasonally adjusted unemployment rate in South Korea increased to 2.9% in November 2022 from 2.8% in October as rising interest rates and mounting recessionary risks weighed on the labor market. South Korea also reported job additions for the 21st straight month in November, though the pace of growth slowed for the sixth month in a row amid heightened economic uncertainties. The number of employed stood at 28.4 million last month, up 626,000 from a year earlier, which was lower than the on-year increase of 677,000 tallied in October.
2022-12-13