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.

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South Korea Unemployment Rate

Actual Previous Highest Lowest Dates Unit Frequency
3.20 4.20 7.10 3.00 1999 - 2020 percent Monthly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-06-09 11:00 PM May 4.5% 3.8% 3.7% 3.9%
2020-07-14 11:00 PM Jun 4.3% 4.5% 4.7%
2020-08-11 11:00 PM Jul 4.2% 4.3% 3.9% 4.1%
2020-09-08 11:00 PM Aug 3.2% 4.2% 4.2%
2020-10-15 11:00 PM Sep 3.2% 4.3%
2020-11-10 11:00 PM Oct
2020-12-15 11:00 PM Nov
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
South Korea Unemployment Rate Drops to 1-Year Low
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.
2020-09-08
South Korea Unemployment Rate Edges Down
The unemployment rate in South Korea dropped to 4.2 percent in July 2020 from 4.3 percent in the previous month, higher than 4 percent in the same month of the previous year. The number of unemployed decreased by 34 thousand to 1.179 million, while the number of employed went up by 72 thousand to 26.808 million. Meanwhile, the labour force participation rate edged up to 62.5 percent from 62.4 percent, and the employment rate inched up to 59.8 percent from 59.7 percent.
2020-08-11
South Korea Unemployment Rate Falls to 4.3%
The unemployment rate in South Korea dropped to 4.3 percent in June 2020 from 4.5 percent in the previous month and compared to 4 percent in the same month of the previous year. The number of unemployed decreased by 29 thousand to 1.213 million, while the number of employed went up by 79 thousand to 26.736 million. Meanwhile, the labour force participation rate edged up to 62.4 percent from 62.3 percent, and the employment rate inched up to 59.7 percent from 59.6 percent.
2020-07-14
South Korea Unemployment Rate Jumps to 10-Year High
The unemployment rate in South Korea jumped to 4.5 percent in May 2020 from 3.8 percent in the previous month and compared to market expectations of 3.7 percent. It was the highest jobless rate since January of 2010, as the number of unemployed surged by 191 thousand to 1.242 million, while the number of employed went up by 153 thousand to 26.657 million. Meanwhile, the labour force participation rate increased to 62.3 percent from 61.6 percent, and the employment rate climbed to 59.6 percent from 59.3 percent.
2020-06-09

South Korea Unemployment Rate
In South Korea, the seasonally adjusted unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.