South Korea Jobless Rate Highest in 12 Months


South Korea seasonally adjusted unemployment rate unexpectedly increased to 3.9 percent in February of 2015 from 3.4 percent in the previous month. It is the highest rate since February 2014 as unemployment grew faster than employment.

Year-on-year, employment rose 1.5 percent and unemployment went up 2.1 percent. The economically active population increased by 1.5 percent and the inactive population rose to 0.5 percent. In January 2014, the seasonally adjusted jobless rate was recorded at 3.9 percent. 

On an unadjusted basis, the unemployment rate rose to 4.6 percent from 3.8 percent in the preceding month. The number of unemployed persons increased to 1,203 thousand in February as compared to 988 thousand in the preceding month.

The labor force increased to 26.39 million in February from 26.09 million in January.

The number of employed persons totaled 25,195 thousand, up from 25,106 thousand in the previous month. From January to February, the construction sector lost 26 thousand jobs and the wholesale and retail trade, accommodation and food lost 11 thousand jobs. In contrast, employment in agriculture increased by 53 thousand, the mining sector added 13 thousand, the electricity, transport, telecom and finance sector added 8 thousand and the business and services sector added 53 thousand jobs.

 

South Korea Jobless Rate Highest in 12 Months


Statistics Korea l Rida Husna l rida@tradingeconomics.com
3/18/2015 1:45:01 PM