South Korea Unemployment Rate Falls to 3-Month Low


South Korea seasonally adjusted unemployment rate decreased to 3.7 percent in October of 2016 from 4 percent in the preceding and better than market expectation of 4 percent. It was the lowest reading since July.

The number of unemployed persons decreased by 73 thousand to 1021 thousand people and  there were 26316 thousand people employed, 23 thousand more than in September. Meantime, labour force participation rate edged down to 63.2 percent from 63.3 in the previous month.

A year earlier, the jobless rate came in at 3.4 percent.

On an unadjusted basis, unemployment rate rose to 3.4 percent from 3.1 percent in Ocbober 2015, as the number of unemployed persons increased to 923 thousand compared to 839 thousand. Employment rose by 1.1 percent to 61.1 percent as there were 26,577 people employed compared to 26,298 people in a year earlier. 

Year-on-year, youth unemployment rate was recorded at 8.5 percent in October, up from 7.4 percent. The economically active population marked 27,499 in October, up 1.3 percent. The inactive population came in at 16,013, vistually unchanged from the same month of the previous year. The labor force participation rate stood at 63.2 percent, up by 0.3 percentage points.

Within sectors, employment rose for business, personal, public service & others (+259 thousand); wholesale & retail trade, accommodation & food (+111 thousand); construction (+59 thousand); mining and manufacturing (+9 thousand) and electricity, transport, telecom & finance (+4 thousand). In contrast, employment went down for  agriculture, forestry & fishing (-46 thousand). 


South Korea Unemployment Rate Falls to 3-Month Low


Mojdeh | mojdeh@tradingeconomics.com
11/9/2016 6:12:29 PM