The seasonally adjusted unemployment rate in South Korea posted at 2.8% in May 2022, ticking higher but remaining near a historical low of 2.7% logged in the previous three months, as the job market holds up well in the face of surging inflation and rising interest rates. The country also reported job additions for the 15th consecutive month in May, up 935,000 from a year earlier. South Korea’s low unemployment has helped shore up confidence in the economy at a time when prices of key staples are rising rapidly. Inflation hit 5.4% last month, the highest reading since 2008, and the central bank has warned it will probably remain in that range though July. The Bank of Korea has already raised its benchmark rate five times since last summer and signaled further rate increases to combat inflation. source: Statistics Korea

Unemployment Rate in South Korea averaged 3.65 percent from 1999 until 2022, reaching an all time high of 7.10 percent in June of 1999 and a record low of 2.70 percent in February of 2022. 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 June 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 3.60 percent in 2023, according to our econometric models.

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South Korea Unemployment Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-10 11:00 PM Apr 2.7% 2.7% 2.8%
2022-06-14 11:00 PM May 2.8% 2.7% 2.7%
2022-07-13 11:00 PM Jun 2.8%


Related Last Previous Unit Reference
Unemployment Rate 2.80 2.70 percent May 2022
Employed Persons 28222.00 28082.00 Thousand May 2022
Unemployed Persons 811.00 782.00 Thousand May 2022
Labor Force Participation Rate 64.90 64.00 percent May 2022
Employment Rate 61.40 60.60 percent Mar 2022

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
2.80 2.70 7.10 2.70 1999 - 2022 percent Monthly
SA

News Stream
S. Korea Jobless Rate Remains Near Historical Low
The seasonally adjusted unemployment rate in South Korea posted at 2.8% in May 2022, ticking higher but remaining near a historical low of 2.7% logged in the previous three months, as the job market holds up well in the face of surging inflation and rising interest rates. The country also reported job additions for the 15th consecutive month in May, up 935,000 from a year earlier. South Korea’s low unemployment has helped shore up confidence in the economy at a time when prices of key staples are rising rapidly. Inflation hit 5.4% last month, the highest reading since 2008, and the central bank has warned it will probably remain in that range though July. The Bank of Korea has already raised its benchmark rate five times since last summer and signaled further rate increases to combat inflation.
2022-06-15
South Korea Jobless Rate Stays at Historical Low
The seasonally adjusted unemployment rate in South Korea posted at 2.7% in April 2022, remaining at a historical low for the third straight month, while the number of people employed increased for a 14th straight month. The number of people employed totaled 28.078 million people in April, which went up 865,000 or 3.2% from a year ago. The South Korean economy has been on a recovery track on the back of robust exports, but it has faced heightened economic uncertainty amid the US Federal Reserve’s aggressive monetary tightening and due to soaring energy prices caused by Russia’s war in Ukraine.
2022-05-10
South Korea Jobless Rate Near Historical Low
The seasonally adjusted unemployment rate in South Korea for March 2022 was unchanged at 2.7% from the previous month, the lowest since the data release began in 1999, while the number of people employed rose for a 13th straight month. The number of employed people stood at 27.75 million in March, up 831,000 from a year earlier. The South Korean economy has been on a recovery track on the back of robust exports, but it has faced heightened economic uncertainty amid the fast spread of the omicron variant and surging energy costs caused by Russia’s invasion of Ukraine. Job data pointed to overall improvements in line with the economic recovery, but employment in face-to-face service segments, such as accommodations and retailers, declined on-year amid the omicron wave.
2022-04-13