Unemployment in Korea
Korea - Unemployment
The economy seems to have remained on feeble footing in the second quarter. Exports plunged in June, largely on a sharp fall in semiconductor sales, while the PMI was stuck in contractionary territory, stymied by shrinking demand. Consequently, consumers and businesses remained decidedly pessimistic in June and for July, respectively. In early June, the government released its economic agenda for H2, which spelled out plans to spend nearly three-quarters of the supplementary budget in the first two months, spur investment and expand tax incentives in a bid to boost domestic demand and revive the flagging external sector. In the political arena, while Japanese restrictions on exports to Korea of several high-tech smartphone materials will likely further hamper the economy, its unintended consequence of boosting semiconductor prices should aid Korean tech firms in the short-term.Korea - Unemployment Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Unemployment Rate | 3.1 | 3.5 | 3.6 | 3.7 | 3.7 |
Korea Unemployment Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
Korea Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.55 | 1.55 % | Jul 11 |
| Exchange Rate | 1,174 | 0.21 % | Jul 11 |
| Stock Market | 2,081 | -0.40 % | Jul 11 |
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Economic News
Korea: BOK slashes the base rate in July
July 18, 2019
At its 18 July monetary policy meeting, the Bank of Korea (BOK) voted to cut the base rate to 1.50% from 1.75%, surprising market analysts who had expected the Bank to hold fire until August.
Korea: Japan-South Korea trade showdown deals further blow to fragile economy
July 16, 2019
A long-standing feud escalated between Japan and South Korea in late June when political tensions rooted in an old wartime disagreement boiled over and Japan placed restrictions on exports to Korea of several high-tech materials.
Korea: Inflation remains anemic in June
July 2, 2019
Consumer prices fell 0.2% over the prior month in June, swinging from May’s 0.2% increase.
Korea: The manufacturing sector remains in the doldrums in June
July 1, 2019
The Nikkei and IHS Markit manufacturing Purchasing Managers’ Index (PMI) dropped to a four-month low of 47.5 in June from 48.4 in May, falling further below the threshold that separates expansion from contraction in the manufacturing sector.
Korea: Exports stagger significantly in June
July 1, 2019
Merchandise exports tumbled 13.5% in annual terms in June, down from the revised 9.5% contraction logged in May (previously reported: -9.4% year-on-year), totaling USD 44.2 billion in June (May: USD 45.9 billion).
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