South Korea Unemployment Rate Hits 3-Year High


In February of 2014, South Korean seasonally adjusted jobless rate rose to 3.9 percent, up from 3.2 percent in the previous month. While the number of job seekers increased as the season for graduation and recruitment led more young people to actively look for job, the number of people in work hit its highest level in 15 years.

The number of unemployed persons totaled 1,178 thousand people, up by 189 thousand persons or 19.1 percent year-on-year.

The economically inactive population totaled 16,346 thousand people in February, decreasing 606 thousand persons or 3.6 percent year-on-year.

The number of employed persons totaled 24,819 thousand persons in February, which went up by 835 thousand persons or 3.5 percent year-on-year. 

The wholesale and retail sector was the biggest job creator, adding 328,000 more jobs in February compared with a year earlier. 

The number of regular employees increased 5.6 percent yoy to 11970 thousand while the number of self-employed workers decreased slightly by 0.2 percent.

The economically active population marked 25,997 thousand in February and grew by 1,024 thousand persons or 4.1 percent year-on-year.

South Korea Unemployment Rate Hits 3-Year High


Statistics Korea | Joana Taborda | joana.taborda@tradingeconomics.com
3/12/2014 10:40:26 AM