South Korea’s Unemployment Rate Rises to 3.3% – Highest Since Jan 2022

Summary

  • South Korea’s unemployment rate in December reached 3.3% on a seasonally adjusted basis, a noted increase from November’s 2.8%, and the highest since January 2022 according to Statistics Korea.
  • In 2023, the country’s annual unemployment rate dipped to 2.7%, marking its third consecutive year of decline and the lowest since records began in 2000.

Unemployment Details

Statistics Korea reports a rise in the nation’s seasonally adjusted unemployment rate, hitting 3.3% in December. This presents an upward trend from 2.8% in November and marks the highest rate since January 2022.

Annual Unemployment Trend

In terms of yearly figures for 2023, South Korea witnessed a continual drop in the unemployment rate for the third successive year. The figure dipped to 2.7%, making it the lowest recorded annual unemployment rate since the country began maintaining these records in 2000.

The fluctuating unemployment rates could produce some potential impacts on forex and asset trading, potentially altering the value of the South Korean won and consequent trading strategies.

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