South Korea Jobless Rate Lowest in 3 Months

South Korea seasonally adjusted unemployment rate stood at 3.7 percent in April of 2016, down slightly from 3.8 percent in March and reaching the lowest level since February.

A year earlier, the jobless rate also came in at 3.7 percent.

On an unadjusted basis, unemployment rate dropped to 3.9 percent, compared to 4.3 percent in the preceding month. The number of unemployed persons decreased to 1,075 thousand, as compared to 1.155 thousand in the previous month. Youth unemployment rate was recorded at 10.9 percent in April, down from 11.8 percent in a month earlier.

The number of employed persons totaled 26,153 thousand in April 2016, up from 25,800 thousand in March. From March to April 2016, employment rose the most for agriculture (+140 thousand) and business, personal, public service & others (+128 thousand). Employment also increased for wholesale & retail trade, accommodation & food (+61 thousand)  and construction (+56 thousand). In contrast, employment fell for: mining & manufacturing (-23 thousand), manufacturing (-22 thousand) and electricity, transport, telecom & finance (-9 thousand).

Year-on-year, employment rose 1.0 percent while unemployment rose 2.1 percent. The economically active population marked 27,228 in April, up 1.0 percent from a year earlier. The inactive population rose to 16,120, up 0.9 percent. The labor force participation rate stood at 62.8 percent in April, remaining the same from a year earlier.

South Korea Jobless Rate Lowest in 3 Months

Rida Husna |
5/11/2016 2:23:47 AM