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.

From April to May, the number of employed persons increased by 127 thousand, while unemployment fell by 79 thousand. The labor force participation rate remained steady at 63 percent while the number of economically active increased to 26762 thousand.  

The number of unemployed totaled 951 thousand persons in May of 2014, increasing 154 thousand persons year-on-year (+19.3 percent). The economically inactive population totaled 15,691 thousand people in May, decreasing 162 thousand persons or 1.0 percent year-on-year. Unemployment among middle school graduates was recorded at 2.2 percent in May, higher than 2.1 percent a year earlier. The jobless rate among high school graduates recorded the highest increase (3.9 percent in May of 2014 from 3.2 percent in May of 2013) and among college graduates increased to 3.8 percent (from 3.3 percent).

The number of employed persons totaled 25,811 thousand persons in May, up by 413 thousand persons or 1.6 percent year-on-year. Less jobs were created in agriculture, forestry and fishing (-3.4 percent), and electricity, transport, telecom and finance sectors (-0.4 percent). Also, the number of daily workers declined (-7.4 percent), as well as self-employed workers (-0.5 percent).

South Korea Unemployment Rate Stable at 3.7%

Statistics Korea | Isabel Felino |
6/11/2014 11:25:51 AM