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.