The seasonally adjusted unemployment rate in South Korea increased to 3.8% in December 2021 from 3.1% in the previous month, as the government-imposed curbs to limit the spread of the omicron forced some people out of work. This was the highest reading since May 2021. Meanwhile, full-year employment growth hit a seven-year high as the labor market recovered from the pandemic-induced downturn. The number of those employed totaled 27,273,000 in 2021, up by 369,000 from the previous year and reversing from a reduction of 218,000 in 2020. source: Statistics Korea

Unemployment Rate in South Korea averaged 3.67 percent from 1999 until 2021, reaching an all time high of 7.10 percent in June of 1999 and a record low of 2.80 percent in August of 2021. 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 January of 2022.

Unemployment Rate in South Korea is expected to be 3.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Unemployment Rate is projected to trend around 3.80 percent in 2023, according to our econometric models.

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South Korea Unemployment Rate


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.
Actual Previous Highest Lowest Dates Unit Frequency
3.80 3.10 7.10 2.80 1999 - 2021 percent Monthly
SA

Calendar GMT Actual Previous Consensus TEForecast
2021-12-14 11:00 PM Nov 3.1% 3.2% 3.0%
2022-01-11 11:00 PM Dec 3.8% 3.1% 3.1%
2022-02-09 11:00 PM Jan


Related Last Previous Unit Reference
Unemployment Rate 3.80 3.10 percent Dec/21
Employed Persons 27566.00 27503.00 Thousand Dec/21
Unemployed Persons 1079.00 890.00 Thousand Dec/21
Labor Force Participation Rate 62.60 63.10 percent Dec/21
Employment Rate 61.30 61.20 percent Sep/21


News Stream
South Korea Jobless Rate Rises in December
The seasonally adjusted unemployment rate in South Korea increased to 3.8% in December 2021 from 3.1% in the previous month, as the government-imposed curbs to limit the spread of the omicron forced some people out of work. This was the highest reading since May 2021. Meanwhile, full-year employment growth hit a seven-year high as the labor market recovered from the pandemic-induced downturn. The number of those employed totaled 27,273,000 in 2021, up by 369,000 from the previous year and reversing from a reduction of 218,000 in 2020.
2022-01-11
South Korea Unemployment Rate Falls in November
The seasonally adjusted unemployment rate in South Korea decreased to 3.1% in November 2021 from 3.2% in the previous month, helped by the easing of virus curbs and higher vaccination rates. The country also reported that employment rose 553,000 from a year earlier, marking the ninth straight month of job additions and signaling continued economic recovery despite the latest upsurge in COVID-19 cases and the emergence of the omicron variant. Additional jobs were reported in the following segments: business, personal, public service & others (+394,000), electricity, transport, communication & finance (+273,000) and manufacturing (+51,000), among others. Meanwhile, the wholesale & retail trade and accommodation & food sectors reported a combined job loss of 209,000.
2021-12-15
South Korea Unemployment Rate at 3-Month High
The seasonally adjusted unemployment rate in South Korea increased to 3.2 percent in October of 2021 from 3 percent in the previous month, marking the highest jobless rate in three months. Unemployed persons rose by 32 thousand MoM to 788 thousand in October. There were 652,000 jobs added in October from a year earlier, lower than the 671,000 additional jobs recorded in the previous month. However, it marked the 8th straight month of annual job growth despite a resurgence in coronavirus cases, signaling a healthy job recovery from pandemic lows.
2021-11-09