South Korea Jobless Rate Edges Down in January


South Korea seasonally adjusted unemployment rate decreased to 3.4 percent in January of 2015, from 3.5 percent in the previous month as more people were detached from the labour market.

On an unadjusted basis, the unemployment rate rose by 0.4 percent to 3.8 percent. The labour force decreased to 26.09 million in January from 26.27 million in the previous month and there were more 223 thousand people neither employed nor unemployed. 

The number of unemployed persons increased to 988 thousand in January, compared with 886 thousand in December.

The number of employed persons totaled 25,106 thousand, down from 25,384 thousand in the previous month. From December to January, the mining and manufacturing sector added 14 thousand jobs. In contrast, the business and services sector lost 180 thousand jobs; employment in agriculture decreased by 89 thousand; the construction sector lost 36 thousand job and the wholesale and retail trade, accommodation and food lost 13 thousand job. Employment in the electricity, transport, telecom and finance sector remained stable compared to the preceding month.

A year earlier, the seasonally adjusted jobless rate was recorded at 3.2 percent. Year-on-year, employment rose 1.4 percent and unemployment went up 10.9 percent. The economically active population increased 1.7 percent and the inactive population edged up 0.2 percent. 

South Korea Jobless Rate Edges Down in January


Statistics Korea l Rida Husna l rida@tradingeconomics.com
2/11/2015 11:32:22 AM