South Korea Jobless Rate Falls to 5-Month Low

South Korea’s seasonally adjusted unemployment rate declined to 2.7% in March 2026 from February's 2.9%, marking its lowest level since last October. The economy added 206,000 jobs during the month, surpassing 200,000 for the second straight month, though weakness in youth employment and the construction sector persisted. However, the new job gains were lower than in the previous month, bringing total employment to 28.795 million. Meanwhile, the number of unemployed fell to 884,000 in March, down 35,000 or 3.8% year-on-year. The labor force participation rate stood at 63%, unchanged from February.

South Korea’s seasonally adjusted unemployment rate edged down to 2.9% in February 2026 from 3% in January, marking its lowest level in three months. The economy added 234,000 jobs during the month, the fastest year-on-year increase in five months, although declines in youth employment as well as in the manufacturing and construction sectors persisted. This was the largest job gain since the 312,000 increase recorded in September 2024, bringing total employment to 28.413 million. Meanwhile, the number of unemployed rose to 993,000 in February, up 54,000 or 5.7% year-on-year. The labor force participation rate also ticked higher to 64% from 63.6% in January.

South Korea’s seasonally adjusted unemployment rate declined to 3% in January 2026 from a downwardly revised 3.3% in December which was the highest in a year. The number of unemployed rose to 1.21 million, up 128,000 people, or 11.8%, from a year earlier, but slightly below December’s 1.22 million. The economy added 108,000 jobs in January, lifting total employment by 0.4% year-on-year to 27.99 million. This was the slowest pace of job growth in 13 months after employment contracted by 52,000 in December 2024, underscoring persistent weakness in manufacturing and construction. Youth unemployment fell for a 21st consecutive month, highlighting ongoing structural challenges in the labor market for younger workers. Meanwhile, the labor force participation rate edged up 0.2% year-on-year to 63.6% but eased from 64.1% in December, pointing to some softening in workforce engagement.