South Korea Jobless Rate Falls to 5-Month Low


South Korea seasonally adjusted unemployment rate stood at 3.6 percent in June of 2016, down slightly from 3.7 percent in May and better than market expectations. It was the lowest jobless rate since January.

A year earlier, the jobless rate stood at  3.9 percent. 

On an unadjusted basis, unemployment rate dropped to 3.6 percent from 3.7 percent in the preceding month. The number of unemployed persons decreased to 1,004 thousand, as compared to 1,005 thousand in the previous month.

Youth unemployment rate was recorded at 10.3 percent in June, up from 9.7 percent in May.

The number of employed persons totaled 26,559 thousand in June 2016, up from 26,450 thousand in May. From May to June 2016, employment rose the most for wholesale & retail trade, accommodation & food (+68 thousand), followed by business, personal, public service & others (+29 thousand) and agriculture, forestry & fishing (+19 thousand). Employment also went up for construction (+7 thousand) and electricity, transport, telecom & finance (+7 thousand). In contrast, employment fell for mining & manufacturing (-20 thousand).

Year-on-year, employment rose 1.4 percent while unemployment fell -4.4 percent. The economically active population marked 27,563 in June, up 1.1 percent from a year earlier. The inactive population came in at 15,859, up 0.6 percent. The labor force participation rate stood at 63.5 percent in June, up 0.2 percentage points from a year earlier.

South Korea Jobless Rate Falls to 5-Month Low


Statistics Korea l Rida Husna | rida@tradingeconomics.com
7/13/2016 3:21:07 AM