The unemployment rate in South Korea dropped to 3.2 percent in August 2020 from 4.2 percent in the previous month, falling to the lowest rate in a year. The number of unemployed decreased by 288 thousand to 0.891 million, while the number of employed went up by 114 thousand to 26.922 million. Meanwhile, the labour force participation rate fell to 62.1 percent from 62.5 percent, and the employment rate climbed to 60.1 percent from 59.8 percent.
Unemployment Rate in South Korea averaged 3.66 percent from 1999 until 2020, reaching an all time high of 7.10 percent in June of 1999 and a record low of 3 percent in September of 2002. This page provides - South Korea Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Statistics Korea
Unemployment Rate in South Korea is expected to be 4.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in South Korea to stand at 4.00 in 12 months time. In the long-term, the South Korea Unemployment Rate is projected to trend around 4.00 percent in 2021 and 3.90 percent in 2022, according to our econometric models.