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South Korea jobless rate steady at 3.6%

Staff Writer |
South Korea seasonally adjusted unemployment rate stood at 3.6 percent in July of 2016, unchanged from the previous month but slightly lower than 3.7 percent a year earlier.

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On an unadjusted basis, jobless rate dropped to 3.5 percent from 3.6 percent in the preceding month. The number of unemployed persons decreased to 975 thousand, as compared to 1.004 thousand in June.

Youth unemployment rate was recorded at 9.2 percent in July, down from 10.3 percent in June.

The number of employed persons totaled 26,603 thousand in July 2016, up from 26,559 thousand in June. From June to July 2016, employment rose the most for: wholesale & retail trade, accommodation & food (+77 thousand) and construction (+28 thousand).

In contrast, employment fell for: agriculture, forestry & fishing (-52 thousand), mining & manufacturing (-29 thousand) and business, personal, public service & others (-7 thousand)

Year-on-year, employment rose 1.1 percent while unemployment fell -2.4 percent. The economically active population marked 27,578 in July, up 1.0 percent from a year earlier.

The inactive population came in at 15,864, up 0.7 percent. The labor force participation rate stood at 63.5 percent in June, up 0.2 percentage points from a year earlier.

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