South Korea Jobless Rate Lowest Since 2023

South Korea’s seasonally adjusted unemployment rate fell to 2.5% in October 2026 from 2.6% in the previous month, reaching its lowest level since May 2023. The number of employed people fell by 50,000 from the previous month, while the number of unemployed declined by 29,000. On an unadjusted basis, the economy added 139,000 jobs, exceeding the 100,000 mark for the fourth consecutive month and bringing total employment to 29.18 million. Healthcare and social welfare services added 249,000 workers, accounting for much of the overall increase in employment, while accommodation and food services employment shed 137,000 jobs, the most since February 2021. Manufacturing and construction employment also fell by 7,000 and 42,000, respectively. Meanwhile, the youth employment rate fell 1.7 percentage points to 42.9%, the lowest for October since 2020, while the number of employed people aged 15 to 29 declined by 196,000, marking a 48th consecutive monthly drop.

South Korea’s seasonally adjusted unemployment rate fell to 2.6% in September 2026 from 2.7% in August, reaching its lowest level since September 2024. The economy added 113,000 jobs, marking three consecutive months of gains over 100,000 and bringing total employment to 29.27 million. Human health and social work activities led job creation, adding 207,000 workers, while manufacturing rose by 16,000, its first increase since June 2024 and ending a 26-month streak of declines. In contrast, accommodation and food service employment fell by 97,000 for a second consecutive month, recording its largest decline since February 2021. Employment also fell in agriculture, forestry and fishing (-94,000) and construction (-48,000). Meanwhile, the number of unemployed people was 600,000, down 34,000 from the same month a year ago, while the economically inactive population increased by 179,000 to 16,188,000. Youth employment rate for those aged 15 to 29 was 44.0%, down 1.1 percentage points.

South Korea’s seasonally adjusted unemployment rate fell to 2.7% in August 2026 from 2.8% in the previous month. The economy added 184,000 jobs during the month, marking the third consecutive month of gain and the highest in five months, bringing total employment to 29.15 million from 28.96 million a year ago. Job growth turned positive again in June after declining by 40,000 in May, the first drop in 17 months. Employment gains were led by health and social welfare services (+186,000), followed by arts, sports and recreation (+73,000), and business facility management and support services (+45,000), while education (-24,000), manufacturing (-38,000), and agriculture, forestry and fishing (-109,000) continued to shed jobs. Meanwhile, the number of unemployed people totaled 588,000 in August, down 4,000 from a year earlier, while the economically inactive population rose by 77,000 to 16.30 million. Youth employment rate for those aged 15 to 29 fell to 44.1%, down 1.0 percentage points.