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.