Unemployment in Korea
Korea - UnemploymentAccording to available data, economic conditions were fairly downbeat in the third quarter. The domestic market seemed frail, as retail sales growth eased in July–August, while industrial production continued to decline in annual terms in the same period. However, the external picture improved significantly in Q3 as exports fell at a much softer pace in the quarter as a whole, and returned to growth in annual terms in September, ending a six-month streak in the red. In other news, on 22 September, parliament approved a fourth supplementary budget of USD 6.7 billion to counter tighter social distancing restrictions. Later in the month, the government imposed new restrictions to coincide with the Chuseok and Hangul holidays in an attempt to contain an outbreak. The measures were then relaxed from the week starting 12 October, boding well for the economy heading into Q4.
Korea - Unemployment Data
5 years of economic forecasts for more than 30 economic indicators.
Korea Unemployment Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
|Bond Yield||1.68||1.55 %||Dec 31|
|Exchange Rate||1,156||0.21 %||Dec 31|
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October 14, 2020
At its meeting on 14 October, the Bank of Korea (BOK) kept the base rate at its record low of 0.50%, in line with market expectations. The Bank’s decision to hold came amid weak activity and a deteriorating labor market.
October 6, 2020
Consumer prices increased 0.66% in September over the previous month, slightly up from the 0.61% increase recorded in August.
October 5, 2020
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose to 49.8 in September from August’s 48.5, bordering the 50-threshold that separates an improvement from a deterioration in the manufacturing sector over the previous month. The print came as output grew for the first time in seven months.
October 1, 2020
Merchandise exports rose 7.7% in annual terms in September, rebounding from August’s 10.1% decline, amid an increasing demand for IT products due to the pandemic boosting home working.
September 29, 2020
Business confidence in the manufacturing sector was unchanged at September's 68.0 in October.