The unemployment rate in South Korea fell sharply to 3.1 percent in August 2019, compared to 4.0 percent in the previous month and 4.1 percent in August 2018. It was the lowest jobless rate since November of 2013, as the number of unemployed declined by 264 thousand to 0.867 million, while the number of employed jumped by 146 thousand to 27.196 million. The labour force participation rate edged down to 63.0 percent from 63.3 percent. Unemployment Rate in South Korea averaged 3.65 percent from 1999 until 2019, reaching an all time high of 7.10 percent in June of 1999 and a record low of 3 percent in September of 2002.

Unemployment Rate in South Korea is expected to be 3.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in South Korea to stand at 3.90 in 12 months time. In the long-term, the South Korea Unemployment Rate is projected to trend around 3.80 percent in 2020, according to our econometric models.

South Korea Unemployment Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-06-11 11:00 PM Unemployment Rate May 4% 4.1% 3.9% 4%
2019-07-09 11:00 PM Unemployment Rate Jun 4% 4% 3.9% 3.8%
2019-08-13 11:00 PM Unemployment Rate Jul 4% 4% 4.1% 4%
2019-09-10 11:00 PM Unemployment Rate Aug 3.1% 4% 4%
2019-10-15 11:00 PM Unemployment Rate Sep 3.1% 3.8%
2019-11-12 11:00 PM Unemployment Rate Oct 3.7%
2019-12-10 11:00 PM Unemployment Rate Nov 3.7%


South Korea Labour Last Previous Highest Lowest Unit
Unemployment Rate 3.10 4.00 7.10 3.00 percent [+]
Employed Persons 27196.00 27050.00 27196.00 20268.00 Thousand [+]
Unemployed Persons 867.00 1131.00 1546.00 691.00 Thousand [+]
Labor Force Participation Rate 63.30 64.00 64.20 48.50 percent [+]
Productivity 108.00 111.30 111.50 53.50 Index Points [+]
Labour Costs 129.90 103.50 129.90 69.00 Index Points [+]
Wages 3585588.00 4021244.00 4021244.00 2460239.00 KRW/Month [+]
Wages in Manufacturing 3804036.00 4654149.00 4654149.00 2520139.00 KRW/Month [+]
Minimum Wages 8350.00 7530.00 8350.00 600.00 KRW/Hour [+]
Population 51.61 51.36 51.61 25.01 Million [+]
Retirement Age Women 60.00 60.00 60.00 55.00 [+]
Retirement Age Men 60.00 60.00 60.00 55.00 [+]
Youth Unemployment Rate 7.10 9.70 13.40 3.80 percent [+]
Employment Rate 61.40 61.50 61.60 56.10 percent [+]


South Korea Unemployment Rate

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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
3.10 4.00 7.10 3.00 1999 - 2019 percent Monthly
SA




Country Last Previous
South Africa 29.00 Jun/19
Spain 14.02 Jun/19
Turkey 13.00 Jun/19
Brazil 11.80 Jul/19
Argentina 10.60 Jun/19
Italy 9.90 Jul/19
France 8.50 Jun/19
Euro Area 7.50 Jul/19
India 6.00 Dec/18
Canada 5.70 Aug/19
Saudi Arabia 5.60 Jun/19
Australia 5.30 Aug/19
Indonesia 5.01 Mar/19
Russia 4.30 Aug/19
United Kingdom 3.80 Jul/19
Mexico 3.70 Jul/19
United States 3.70 Aug/19
China 3.61 Jun/19
Netherlands 3.50 Aug/19
South Korea 3.10 Aug/19
Germany 3.00 Jul/19
Japan 2.20 Jul/19
Singapore 2.20 Jun/19
Switzerland 2.10 Aug/19


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