South Korea Unemployment Rate

Unemployment Rate in South Korea decreased to 3.60 percent in June of 2014 from 3.70 percent in May of 2014. Unemployment Rate in South Korea averaged 3.64 Percent from 1999 until 2014, reaching an all time high of 7.10 Percent in June of 1999 and a record low of 2.90 Percent in November of 2013. Unemployment Rate in South Korea is reported by the Statistics Korea.

   
 
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South Korea Unemployment Rate


Actual Previous Highest Lowest Dates Unit Frequency
3.60 3.70 7.10 2.90 1999 - 2014 Percent Monthly
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. This page provides - South Korea Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.


South Korea Jobless Rate Inches Down in June


In June of 2014, South Korean seasonally adjusted unemployment rate decreased to 3.6 percent from 3.7 percent in the previous month. A year earlier, the jobless rate was recorded at 3.1 percent.

From May to June this year, the number of employed persons increased by 64 thousand, while unemployment fell by 2 thousand. The labor force participation rate remained steady at 63.1 percent while the number of economically active increased to 26825 thousand in June from 26762 in May of 2014.  

The number of unemployed totaled 949 thousand persons in May of 2014, increasing 136 thousand persons year-on-year (+16.7 percent). The economically inactive population totaled 15666 thousand people in June, decreasing 141 thousand persons or 0,9 percent a year before. Unemployment among middle school graduates was recorded at 2 percent in June, slightly higher than 2.1 percent a year earlier. The jobless rate among high school graduates increased 21.5 percent year-on-year (from 354 thousand in June of 2013  to 430 thousand in June of 2014) while among college graduates rose by 58 thousand (from 356 thousand in June of 2013 to 414 thousand in June this year).

The number of employed persons totaled 25,875 thousand persons in June, up by 398 thousand persons or 1.6 percent year-on-year. Less jobs were created in agriculture, forestry and fishing (-4.4 percent), and electricity, transport, telecom and finance sectors (-1.2 percent). Also, the number of daily workers declined (-6.5 percent), as well as unpaid family workers (-1.9 percent).
 

Statistics Korea l Rida l rida@tradingeconomics.com
7/16/2014 4:05:38 PM


Recent Releases

South Korea Unemployment Rate Stable at 3.7%
In May of 2014, South Korean seasonally adjusted jobless rate was recorded at 3.7 percent, unchanged from the previous month, but higher than 3.2 percent a year earlier. Published on 2014-06-11

South Korea Unemployment Rate Up to 3.7%
South Korean seasonally adjusted jobless rate increased to 3.7 percent in April of 2014, from 3.5 percent in the previous month. The number of new jobs added fell for the second consecutive month. Published on 2014-05-14


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-04-09 12:00 AM South Korea
Unemployment Rate
Mar 2014 3.51% 3.9% 3.7% 3.5%
2014-05-14 12:00 AM South Korea
Unemployment Rate
Apr 2014 3.7% 3.5% 3.4%
2014-06-11 12:00 AM South Korea
Unemployment Rate
May 2014 3.7% 3.7% 3.6% 3.6%
2014-07-16 12:00 AM South Korea
Unemployment Rate
Jun 2014 3.6% 3.7% 3.7% 3.7%
2014-08-13 12:00 AM South Korea
Unemployment Rate
Jul 2014 3.6% 3.7%


Labour Last Previous Highest Lowest Unit
Unemployment Rate 3.60 3.70 7.10 2.90 Percent [+]
Employed Persons 25422.00 25364.00 25644.00 20275.00 Thousand [+]
Unemployed Persons 944.00 976.00 1564.00 684.00 Thousand [+]
Productivity 106.20 102.60 107.70 51.90 Index Points [+]
Labor Force Participation Rate 63.10 63.00 63.40 48.50 Percent [+]
Wages 3256321.00 3126967.00 3256321.00 2460239.00 KRW [+]
Wages in Manufacturing 3682593.00 3418613.00 3682593.00 2520139.00 KRW [+]
Labour Costs 109.60 120.00 120.00 86.30 Index Points [+]
Population 50.22 50.00 50.22 25.00 Million [+]
Retirement Age Women 60.00 60.00 60.00 60.00 [+]
Retirement Age Men 60.00 60.00 60.00 60.00 [+]





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