South Korea’s Employment Trends for October 2023

The Korean Statistical Office has released the employment trends for October 2023, providing insights into the nation’s labor market. Here are the key highlights:

1. Employment Rate (Ages 15-64):

  • The employment rate stands at 69.7%, based on OECD standards, showing a 0.8 percentage point increase compared to the same period last year.

2. Unemployment Rate:

  • The unemployment rate is recorded at 2.1%, reflecting a 0.3 percentage point decrease from the previous year.
  • The number of unemployed individuals has decreased by 66,000 (-9.5%) compared to the same period last year, totaling 627,000.
  • Youth unemployment rate (ages 15-29) is 5.1%, down by 0.5 percentage points from the previous year.
  • Seasonally adjusted unemployment rate is 2.5%, indicating a 0.1 percentage point decrease from the previous month.

3. Employment Growth:

  • In October 2023, the total number of employed individuals is 28,764,000, showing an increase of 346,000 (1.2%) compared to the same period last year.,204,205,206,207,210,211,11109,11113,11814,213,215,214,11860,11695,216,218,219,220,10820,11815,11895,11816,208,245,222,223,225,226,227,228,229,230,11321,232,233,234,12029,10920,11469,11470,11817,236,237,11471,238,240,241,11865,243,244,11893,11898,12031,11825,246