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.