The unemployment rate in South Korea jumped to 4.2 percent in October 2020 from 3.9 percent in the previous month and compared to 3.5 percent in the same month of the previous year. The rate was also well above expectations of 3.6 percent. The number of unemployed increased by 81 thousand to 1.170 million, while the number of employed went up by 54 thousand to 26.841 million. Meanwhile, the labour force participation rate increased to 62.4 percent from 62.2 percent, and the employment rate remained at 59.8 percent. source: Statistics Korea
Unemployment Rate in South Korea averaged 3.66 percent from 1999 until 2020, reaching an all time high of 7.10 percent in June of 1999 and a record low of 3 percent in September of 2002. This page provides - South Korea Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2020.
Unemployment Rate in South Korea is expected to be 3.70 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 4.00 in 12 months time. In the long-term, the South Korea Unemployment Rate is projected to trend around 3.80 percent in 2021 and 3.90 percent in 2022, according to our econometric models.