The seasonally adjusted unemployment rate in South Korea decreased to 2.6% in April 2023 from 2.7% in the previous month, amid higher borrowing costs and an economic slowdown. The economy added jobs for the 25th straight month and the number of people employed came to 29.23 million in April, up 354,000 from a year ago. The Bank of Korea has been keeping borrowing costs at 3.5 percent since February as inflation has eased while hampers employment. source: Statistics Korea

Unemployment Rate in South Korea averaged 3.62 percent from 1999 until 2023, reaching an all time high of 7.10 percent in June of 1999 and a record low of 2.50 percent in August of 2022. 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 June of 2023.

Unemployment Rate in South Korea is expected to be 2.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Unemployment Rate is projected to trend around 3.30 percent in 2024 and 3.20 percent in 2025, according to our econometric models.

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South Korea Unemployment Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-04-11 11:00 PM Mar 2.7% 2.6% 3.0%
2023-05-09 11:00 PM Apr 2.6% 2.7% 2.6% 2.7%
2023-06-13 11:00 PM May 2.6% 2.6%


Related Last Previous Unit Reference
Unemployment Rate 2.60 2.70 percent Apr 2023
Employed Persons 28420.00 28467.00 Thousand Apr 2023
Unemployed Persons 759.00 782.00 Thousand Apr 2023
Labor Force Participation Rate 64.40 64.10 percent Apr 2023
Employment Rate 62.70 62.20 percent Apr 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
2.60 2.70 7.10 2.50 1999 - 2023 percent Monthly
SA

News Stream
South Korea Jobless Rate Edges Down
The seasonally adjusted unemployment rate in South Korea decreased to 2.6% in April 2023 from 2.7% in the previous month, amid higher borrowing costs and an economic slowdown. The economy added jobs for the 25th straight month and the number of people employed came to 29.23 million in April, up 354,000 from a year ago. The Bank of Korea has been keeping borrowing costs at 3.5 percent since February as inflation has eased while hampers employment.
2023-05-09
South Korea Jobless Rate Increases in March
The seasonally adjusted unemployment rate in South Korea increased to 2.7% in March 2023 from 2.6% in the previous month, amid concerns that the labor market will gradually feel the impact of an economic slowdown. The economy added jobs for the 24rd straight month, but the growth continued to slow for the ninth consecutive month. The number of people employed was recorded at 28.22 million in March, up 469,000 from a year ago.
2023-04-11
South Korea Jobless Rate Falls in January
The seasonally adjusted unemployment rate in South Korea increased to 2.9% in January 2023 from a downwardly revised 3.1% in December when it reached the highest reading since January 2022. The economy added jobs for the 23rd straight month, but the growth continued to slow for the eighth consecutive month. The number of people employed was recorded at 27.36 million in January, up 411,000 from a year ago, but 509,000 fewer jobs were added compared to the previous month. Considering 2022, South Korea added 816,000 jobs on the year, due to the post-pandemic recovery.
2023-02-14