South Korea Jobless Rate Steady at 3.7% in May


South Korea seasonally adjusted unemployment rate stood at 3.7 percent in May of 2016, unchanged from the April figure but slightly lower than 3.8 percent a year earlier.

On an unadjusted basis, unemployment rate dropped to 3.7 percent from 3.9 percent in the preceding month. The number of unemployed persons decreased to 1,055 thousand, as compared to 1.075 thousand in the previous month.

Youth unemployment rate was recorded at 9.7 percent in May, down from 10.9 percent in April.

The number of employed persons totaled 26,450 thousand in May 2016, up from 26,153 thousand in April. From April to May 2016, employment rose the most for business, personal, public service & others (+128 thousand) and agriculture, forestry & fishing(+66 thousand). Employment also increased for construction (+40 thousand), wholesale & retail trade, accommodation & food (+27 thousand); electricity, transport, telecom & finance (+25 thousand), mining & manufacturing (+11 thousand) and manufacturing (+11 thousand). 

Year-on-year, employment rose 1.0 percent while unemployment fell 1.7 percent. The economically active population marked 27,455 in May, up 0.9 percent from a year earlier. The inactive population rose to 15,932, up 1.1 percent. The labor force participation rate stood at 63.3 percent in May, remaining the same from a year earlier.

South Korea Jobless Rate Steady at 3.7% in May


Statistics Korea l Rida Husna | rida@tradingeconomics.com
6/15/2016 3:34:43 AM