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.