Unemployment in Korea
Korea - Unemployment
Recent indicators suggest economic growth decelerated in Q1 2019 amid rising external headwinds. Industrial output fell in January and February, contrasting the growth recorded in Q4 2018 and dragged down by the manufacturing and construction sectors. Similarly in Q1, exports posted the first annual contraction in over two years, while the trade surplus narrowed. Moreover, the labor market has softened somewhat, with the unemployment rate averaging higher year-on-year. On 2 April, the government announced that it will present a supplementary budget later this month to strengthen job creation and ailing exports, which should provide a boost to the economy in the remainder of the year. A day later, Korean mobile carriers launched 5G services; Korean leadership in this field bodes well for long-run economic competitiveness and investment.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 | 1.87 | 1.55 % | May 13 |
| Exchange Rate | 1,188 | 0.21 % | May 13 |
| Stock Market | 2,079 | -0.40 % | May 13 |
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Economic News
Korea: Inflation inches up in April
May 2, 2019
Consumer prices rose 0.4% in month-on-month terms in April, contrasting the 0.2% fall registered in March.
Korea: Manufacturing sector returns to expansionary territory in April
May 2, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by Nikkei and reported by IHS Markit, recovered in April, rising to 50.2 from 48.8 in March.
Korea: Export contraction softens in April
May 1, 2019
Merchandise exports fell 2.0% over the same month last year in April to a total of USD 48.9 billion, following the 8.2% contraction logged in March (USD 47.1 billion).
Korea: Industrial production wobbles again in March
April 30, 2019
Industrial production in the mining, manufacturing, and gas and electricity sectors dipped 2.8% over the same month a year prior in March, following the revised 3.4% decline registered in February (previously reported: -2.7% year-on-year).
Korea: Forward-looking manufacturing business confidence remains entrenched in pessimism in May
April 30, 2019
The Bank of Korea’s forward-looking business confidence indicator (BSI) for manufacturers ticked up to 77 in May from 76 in April, while confidence in the non-manufacturing sector also improved slightly from 76 to 77.
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