Mongolia's unemployment rate fell to 6.9 percent in the third quarter of 2018 from 9.1 percent in the same period of the previous year. It was the lowest jobless rate since the third quarter of 2015, as the number of unemployed decreased by 26.4 thousand to 92.4 thousand while the number of employed rose by 48 thousand to 1,238.9 thousand. Also, the participation rate went up to 61.3 percent in the third quarter from 61.1 percent a year ago. Unemployment Rate in Mongolia averaged 6.83 percent from 1990 until 2018, reaching an all time high of 11.60 percent in the first quarter of 2016 and a record low of 2.80 percent in the fourth quarter of 2007.
Unemployment Rate in Mongolia is expected to be 8.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Mongolia to stand at 8.60 in 12 months time. In the long-term, the Mongolia Unemployment Rate is projected to trend around 8.30 percent in 2020, according to our econometric models.