South Korea Jobless Rate Inches Down in June


In June of 2014, South Korean seasonally adjusted unemployment rate decreased to 3.6 percent from 3.7 percent in the previous month. A year earlier, the jobless rate was recorded at 3.1 percent.

From May to June this year, the number of employed persons increased by 64 thousand, while unemployment fell by 2 thousand. The labor force participation rate remained steady at 63.1 percent while the number of economically active increased to 26825 thousand in June from 26762 in May of 2014.  

The number of unemployed totaled 949 thousand persons in May of 2014, increasing 136 thousand persons year-on-year (+16.7 percent). The economically inactive population totaled 15666 thousand people in June, decreasing 141 thousand persons or 0,9 percent a year before. Unemployment among middle school graduates was recorded at 2 percent in June, slightly higher than 2.1 percent a year earlier. The jobless rate among high school graduates increased 21.5 percent year-on-year (from 354 thousand in June of 2013  to 430 thousand in June of 2014) while among college graduates rose by 58 thousand (from 356 thousand in June of 2013 to 414 thousand in June this year).

The number of employed persons totaled 25,875 thousand persons in June, up by 398 thousand persons or 1.6 percent year-on-year. Less jobs were created in agriculture, forestry and fishing (-4.4 percent), and electricity, transport, telecom and finance sectors (-1.2 percent). Also, the number of daily workers declined (-6.5 percent), as well as unpaid family workers (-1.9 percent).
 

South Korea Jobless Rate Inches Down in June


Statistics Korea l Rida l rida@tradingeconomics.com
7/16/2014 4:05:38 PM