South Korea Jobless Rate Inches Up in August


In August of 2014, South Korean seasonally adjusted unemployment rate inched up to 3.5 percent from 3.4 percent a year earlier, due to job losses in agriculture, electricity, transport, telecom and finance.

The number of unemployed persons totaled 890 thousand people in August, increasing by 107 thousand or 13.7 percent year-on-year. The number of employed persons totaled 25,885 thousand in August, up by 595 thousand persons or 2.3 percent over a year earlier.

In August of 2014, the agriculture sector lost 125 thousand jobs (-7.3 percent year-on-year) and the electricity, transport, telecom and finance lost 92 thousand (-2.9 percent).

Employment increased the most in wholesale & retail trade, accommodation & food (285 thousand or 5 percent year-on-year), business, personal and public services (245 thousand or 2.7 percent) and manufacturing (219 thousand or 5.3 percent). 

The number of temporary employees increased to 5,104 thousand in August from 4,862 thousand persons a year earlier.

The economically active population marked 26,775 thousand in August, growing by 701 thousand persons or 2.7 percent year-on-year. Those who are inactive were 15,797 thousand, decreasing by 298 thousand persons or 1.8 percent compared to the previous year.

South Korea Jobless Rate Inches Up in August


Statistics Korea l Rida l rida@tradingeconomics.com
9/12/2014 12:42:31 PM