South Korea Unemployment Rate Down to 3.4%

South Korean seasonally adjusted jobless rate decreased to 3.4 percent in November of 2014 from 3.5 percent in the previous three months, as more jobs were created in health services, internal trade and the construction sector.

On an unadjusted basis, there were 818 thousand unemployed persons in November, compared with 858 thousand in October. The number of employed persons totaled 25,968 thousand, up from 25,951 in the previous month.

From October to November, the business and public service sector added 62 thousand new jobs; the construction sector added 23 thousand and employment in the wholesale and retail trade sector increased by 21 thousand. In contrast, the agricultural sector recorded the biggest loss (-101 thousand).

A year earlier, the unemployment rate was recorded at 2.9 percent. The economically active population marked 26,786 thousand in November of 2014, up 2.1 percent year-on-year and the labor force participation rate stood at 62.7 percent up 0.6 percent. While employment rose 1.7 percent, the number of unemployed persons increased 16.8 percent year-on-year. The economically inactive population totaled 15,902 thousand people in November of 2014, decreasing 113 thousand persons or 0.7 percent.

South Korea Unemployment Rate Down to 3.4%

Statistics Korea | Joana Taborda |
12/10/2014 12:41:54 PM