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.

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South Korea Unemployment Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-10-13 11:00 PM Sep 2.8% 2.5% 2.5%
2022-11-08 11:00 PM Oct 2.8% 2.8% 2.9%
2022-12-13 11:00 PM Nov 2.8% 2.9%


Related Last Previous Unit Reference
Unemployment Rate 2.80 2.80 percent Oct 2022
Employed Persons 28167.00 28172.00 Thousand Oct 2022
Unemployed Persons 812.00 817.00 Thousand Oct 2022
Labor Force Participation Rate 64.30 64.20 percent Oct 2022
Employment Rate 62.80 62.90 percent Aug 2022

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
2.80 2.80 7.10 2.50 1999 - 2022 percent Monthly
SA

News Stream
South Korea Jobless Rate Unchanged in Oct
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.
2022-11-08
South Korea Jobless Rate Rises in Sept
The seasonally adjusted unemployment rate in South Korea rose to 2.8% in September 2022 from a record low of 2.5% in August, as the economy continued to grapple with high inflation, rising interest rates and slowing global growth. South Korea also reported jobs additions for the 19th consecutive month in September, but the pace of job growth slowed for the fourth month in a row amid heightened economic uncertainties. The number of employed people stood at 28.38 million in September, up 707,000 from a year earlier, which was lower than the on-year increase of 807,000 logged in August.
2022-10-13
South Korea Jobless Rate Hits Record Low
The seasonally adjusted unemployment rate in South Korea fell to 2.5% in August 2022 from 2.9% in July, hitting a record low as the country’s labor market showed resilience in the face of high inflation, rising interest rates and slowing global growth. South Korea also reported jobs additions for the 18th consecutive month in August, but the pace of job growth slowed for the third month in a row amid heightened economic uncertainties. The number of employed people stood at 28.41 million in August, up 807,000 from a year earlier, which was lower that the on-year increase of 826,000 logged in July.
2022-09-15