South Korea Jobless Rate at 7 Month-Low

South Korea seasonally adjusted unemployment rate was recorded at 3.6 percent in August of 2015, slightly down from 3.7 percent in the previous month, the lowest level since January this year.

On an unadjusted basis, the unemployment rate decreased to 3.4 percent from 3.7 percent in the preceding month and 3.3 percent a year earlier. The number of unemployed persons decreased to 923 thousand in August as compared to 998 thousand in the previous month.

The number of employed persons totaled 26,141 thousand in August 2015, down from 26,305 thousand in a month earlier. From July to August, employment in all sectors declined except in electricity, transport, telecom & finance. Employment in construction and wholesale & retail trade, accommodation & food dropped the most by 54 thousand respectively, followed by the manufacturing (-37 thousand); mining & manufacturing (-36 thousand); the agriculture (-31 thousand) and business, personal, public service & others (-5 thousand). In contrast, employment in electricity, transport, telecom and finance increased by 15 thousand.

Year-on-year, employment rose 1.0 percent while unemployment went up to 3.7 percent. The economically active population marked 27,064 in August, up 1.1 percent from a year earlier, while the inactive population rose to 16.022, up 1.4 percent. The labor force participation rate stood at 62.8 percent in August, down 0.1 percentage point year-on-year.

South Korea Jobless Rate at 7 Month-Low

Statistics Korea l Rida Husna |
9/9/2015 10:33:27 AM