The unemployment rate in South Korea jumped to 4.5 percent in May 2020 from 3.8 percent in the previous month and compared to market expectations of 3.7 percent. It was the highest jobless rate since January of 2010, as the number of unemployed surged by 191 thousand to 1.242 million, while the number of employed went up by 153 thousand to 26.657 million. Meanwhile, the labour force participation rate increased to 62.3 percent from 61.6 percent, and the employment rate climbed to 59.6 percent from 59.3 percent.

Unemployment Rate in South Korea averaged 3.65 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 July of 2020. source: Statistics Korea

Unemployment Rate in South Korea is expected to be 4.90 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 4.20 in 12 months time. In the long-term, the South Korea Unemployment Rate is projected to trend around 4.00 percent in 2021 and 3.90 percent in 2022, according to our econometric models.

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South Korea Unemployment Rate

Actual Previous Highest Lowest Dates Unit Frequency
4.50 3.80 7.10 3.00 1999 - 2020 percent Monthly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-03-10 11:00 PM Feb 3.3% 4% 4.5%
2020-04-16 11:00 PM Mar 3.8% 3.3% 3.9%
2020-05-12 11:00 PM Apr 3.8% 3.8% 4.0%
2020-06-09 11:00 PM May 4.5% 3.8% 3.7% 3.9%
2020-07-14 11:00 PM Jun 4.5% 4.7%
2020-08-11 11:00 PM Jul
2020-09-08 11:00 PM Aug
2020-10-15 11:00 PM Sep 4.9%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
South Korea Unemployment Rate Jumps to 10-Year High
The unemployment rate in South Korea jumped to 4.5 percent in May 2020 from 3.8 percent in the previous month and compared to market expectations of 3.7 percent. It was the highest jobless rate since January of 2010, as the number of unemployed surged by 191 thousand to 1.242 million, while the number of employed went up by 153 thousand to 26.657 million. Meanwhile, the labour force participation rate increased to 62.3 percent from 61.6 percent, and the employment rate climbed to 59.6 percent from 59.3 percent.
2020-06-09
South Korea Jobless Rate Steady at 3.8%
The unemployment rate in South Korea remained unchanged at 3.8 percent in April 2020 from the previous month and down from 4.0 percent in the same month of last year, as the coronavirus outbreak is dragging down employment less than expected. The number of unemployed declined by 3 thousand to 1.051 million, while the number of employed went down by 338 thousand to 26.504 million. The labour force participation rate fell to 61.6 percent from 62.4 percent, and the employment rate dropped to 59.3 percent from 60 percent. The Korean government plans to invest more than USD 200 billion of stimulus, or 10% of GDP, to support businesses and thus slack the rate of unemployment.
2020-05-12
South Korea Unemployment Rate Climbs to 3.8%
The unemployment rate in South Korea jumped to 3.8 percent in March 2020 from 3.3 percent for the previous month, as the coronavirus outbreak and supply chain disruptions across the globe affected export-oriented industries. The number of unemployed increased by 126 thousand to1.054 million, while the number of employed went down by 680 thousand to 26.842 million. The labour force participation rate fell to 62.4 percent from 63.6 percent, and the employment rate dropped to 60 percent.
2020-04-16
South Korea Unemployment Rate Drops to 6-Month Low
The unemployment rate in South Korea declined to 3.3 percent in February 2020 from 4 percent for the previous month, booking a 6-month low and showing resilience in the midst of the coronavirus outbreak. The number of unemployed decreased by 216 thousand to 0.927 million, while the number of employed went up by 19 thousand to 27.522 million. The labour force participation rate fell to 63.6 percent from 64.1 percent, and the employment rate stayed unchanged at 61.6 percent.
2020-03-10

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.