The unemployment rate in South Korea jumped to 4.6 percent in December 2020 from 4.1 percent in the previous month and compared to 3.7 percent in the same month of the previous year. It was the highest jobless rate since January of 2010, as the number of unemployed surged by 130 thousand to 1.284 million, while the number of employed went down by 248 thousand to 26.759 million. Meanwhile, the labour force participation rate decreased to 62.4 percent from 62.7 percent, and the employment rate dropped to 59.6 percent. source: Statistics Korea
Unemployment Rate in South Korea averaged 3.66 percent from 1999 until 2020, reaching an all time high of 7.10 percent in June of 1999 and a record low of 3 percent in September of 2002. 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 February of 2021.
Unemployment Rate in South Korea is expected to be 4.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in South Korea to stand at 4.10 in 12 months time. In the long-term, the South Korea Unemployment Rate is projected to trend around 3.90 percent in 2021 and 3.80 percent in 2022, according to our econometric models.