Unemployment in Korea
Korea - Unemployment
A preliminary estimate showed the economy contracted at a slower pace in annual terms in the third quarter as international trade ameliorated. Exports recovered significantly from the blow dealt by the pandemic in Q2, falling at a much softer rate. Moreover, fixed investment gained steam, growing at a faster pace than in Q2. Turning to Q4, the recovery is seen losing some steam amid surging Covid-19 cases abroad. That said, available indicators for the early part of the quarter are fairly positive: In October, the PMI reading pointed to the first improvement in manufacturing conditions this year, while consumer sentiment grew less pessimistic. Moreover, business confidence increased in November, pointing to sustained improvement in private sector activity. In other news, Joe Biden’s victory in the U.S. election sparked optimism regarding the future of the external sector, amid hopes that global tariffs will ease.Korea - Unemployment Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Unemployment Rate | 3.6 | 3.7 | 3.7 | 3.8 | 3.8 |
Korea Unemployment Chart
Source: Korea National Statistics Office and FocusEconomics calculations.
Korea Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.68 | 1.55 % | Dec 31 |
| Exchange Rate | 1,156 | 0.21 % | Dec 31 |
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Economic News
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Korea: Inflation comes in at highest level since March 2012 in May
June 2, 2021
Consumer prices increased 0.07% in May over the previous month, slowing down from April's 0.21% rise.
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Korea: Improvement in manufacturing conditions softens in May
June 1, 2021
The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 53.7 in May from April's 54.6, the softest reading in four months.
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Korea: Merchandise exports gain steam in May
June 1, 2021
Merchandise exports soared 45.6% year-on-year in May (April: +41.2% yoy).
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Korea: Industrial output notches best reading since October 2018 in April
May 31, 2021
Industrial output expanded 12.4% year-on-year in April (March: +4.4% yoy), amid a favorable base effect.
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Korea: BoK keeps rates at all-time low in May
May 27, 2021
At its meeting on 27 May, 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 robust activity at home—with a notable recovery in private consumption in Q1—and as the global economy continued to gain momentum.
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