South Korea Jobless Rate Down to 3.7% in July


South Korea seasonally adjusted unemployment rate was recorded at 3.7 percent in July of 2015, down from 3.9 percent in the previous month and below market forecasts, as the number of employed persons increased despite job losses in agriculture sector.

On an unadjusted basis, the unemployment rate also rose to 3.7 percent from 3.9 percent in the preceding month. The number of unemployed persons decreased to 998 thousand in July as compared to 1,050 thousand in the preceding month.

The number of employed persons totaled 26,305 thousand in July, up from 26,205 thousand in the previous month. From June to July, employment in wholesale & retail trade, accommodation & food increased the most by 69 thousand, followed by mining & manufacture (+50 thousand);  manufacturing (+50 thousand); business, personal, public service & others (+12 thousand); electricity, transport, telecom & finance (+6 thousand) and construction (+4 thousand). In contrast, employment in agriculture declined by 39 thousand.

Year-on-year, employment rose 1.3 percent while unemployment went up 9.5 percent. The economically active population marked 27,303 in July, up 1.5 percent from a year earlier, while the inactive population rose to 15.751, up 0.7 percent. The labor force participation rate stood at 61.1 percent in July, remaining the same year-on-year.

South Korea Jobless Rate Down to 3.7% in July


Statistics Korea l Rida Husna l rida@tradingeconomics.com
8/12/2015 2:44:21 AM