South Korea Unemployment Rate  1999-2016 | Data | Chart | Calendar

South Korea seasonally adjusted unemployment rate decreased to 3.7 percent in October of 2016 from 4 percent in the preceding month and better than market expectations of 4 percent. It was the lowest reading since July. Unemployment Rate in South Korea averaged 3.63 percent from 1999 until 2016, 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.

South Korea Unemployment Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-09-12 11:00 PM Aug 3.8% 3.6% 3.5%
2016-10-11 11:00 PM Sep 4% 3.8% 3.8% 3.7%
2016-11-08 11:00 PM Oct 3.7% 4% 4% 3.8%
2016-12-13 11:00 PM Nov 3.7% 3.8%
2017-01-12 11:00 PM Dec
2017-02-16 11:00 PM Jan




South Korea Unemployment Rate Falls to 3-Month Low


South Korea seasonally adjusted unemployment rate decreased to 3.7 percent in October of 2016 from 4 percent in the preceding and better than market expectation of 4 percent. It was the lowest reading since July.

The number of unemployed persons decreased by 73 thousand to 1021 thousand people and  there were 26316 thousand people employed, 23 thousand more than in September. Meantime, labour force participation rate edged down to 63.2 percent from 63.3 in the previous month.

A year earlier, the jobless rate came in at 3.4 percent.

On an unadjusted basis, unemployment rate rose to 3.4 percent from 3.1 percent in Ocbober 2015, as the number of unemployed persons increased to 923 thousand compared to 839 thousand. Employment rose by 1.1 percent to 61.1 percent as there were 26,577 people employed compared to 26,298 people in a year earlier. 

Year-on-year, youth unemployment rate was recorded at 8.5 percent in October, up from 7.4 percent. The economically active population marked 27,499 in October, up 1.3 percent. The inactive population came in at 16,013, vistually unchanged from the same month of the previous year. The labor force participation rate stood at 63.2 percent, up by 0.3 percentage points.

Within sectors, employment rose for business, personal, public service & others (+259 thousand); wholesale & retail trade, accommodation & food (+111 thousand); construction (+59 thousand); mining and manufacturing (+9 thousand) and electricity, transport, telecom & finance (+4 thousand). In contrast, employment went down for  agriculture, forestry & fishing (-46 thousand). 


Mojdeh | mojdeh@tradingeconomics.com
11/9/2016 6:12:29 PM



South Korea Labour Last Previous Highest Lowest Unit
Unemployment Rate 3.70 4.00 7.10 2.90 percent [+]
Employed Persons 26316.00 26293.00 26603.00 20275.00 Thousand [+]
Unemployed Persons 1021.00 1094.00 1564.00 684.00 Thousand [+]
Labor Force Participation Rate 63.20 63.30 63.50 48.50 percent [+]
Labour Costs 123.30 148.10 148.10 91.30 Index Points [+]
Productivity 96.40 97.60 104.20 53.50 Index Points [+]
Wages 3220531.00 3534203.00 3534203.00 2460239.00 KRW/Month [+]
Wages in Manufacturing 3435462.00 3988066.00 3988066.00 2520139.00 KRW/Month [+]
Minimum Wages 6030.00 5580.00 6030.00 600.00 KRW/Hour [+]
Population 50.60 50.42 50.60 25.00 Million [+]
Retirement Age Women 55.00 55.00 55.00 55.00 [+]
Retirement Age Men 55.00 55.00 55.00 55.00 [+]
Youth Unemployment Rate 8.50 9.50 13.40 3.80 percent [+]
Employment Rate 96.60 96.40 97.30 91.20 percent [+]



South Korea Unemployment Rate Notes

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 Unemployment Rate - actual data, historical chart and calendar of releases - was last updated on December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
3.70 4.00 7.10 2.90 1999 - 2016 percent Monthly
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