Korea’s Employment Trends in July 2023

• The employment rate for individuals aged 15 to 64 (OECD comparison standard) was 69.6%, a 0.5 percentage point increase compared to the same month of the previous year.
• The unemployment rate was 2.7%, a 0.2 percentage point decrease from the previous year.○ The number of unemployed individuals was 807,000, a decrease of 30,000 (-3.5%) from the previous year.○ Youth unemployment rate was 6.0%, a 0.8 percentage point decrease from the previous year.○ Seasonally adjusted unemployment rate was 2.8%, a 0.2 percentage point increase from the previous month.
• In July 2023, the number of employed individuals was 28,686,000, an increase of 211,000 (0.7%) from the previous year.

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