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SOUTH KOREA: Korean Employment Data Strong. 

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News

 

  • South Korea’s unemployment rate for January came in much lower than forecast.
  • Following December’s rate at +3.7%, the market had expected an improving trend and forecast January’s result to be +3.2%
  • January saw more than 130,000 jobs created and the unemployment rate falling to 2.9% with manufacturing improving from -2.2% in December to -1.2% in January, business/personal services up to 2.8%, from 1.4%
  • This a significant turnaround from December when data showed a 52,000 net contraction in jobs for the first contraction in almost four years.
  • This will naturally feed into the decision-making process for the Bank of Korea’s meeting on February 25.
  • At the last meeting the Governor indicated that the BOK is in a ‘rate cutting phase’, driving bond yields lower.
  • Since then, the Governor has moderated his approach and pushed back on the government indicating that the need for a fiscal response is compelling.
  • Additionally, the US has seen higher than expected inflation and the Federal Reserve Chairman indicating that they are intending to be patient in their approach.
  • All of this adds up making the decision on rates for the BOK much more balanced.  
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  • South Korea’s unemployment rate for January came in much lower than forecast.
  • Following December’s rate at +3.7%, the market had expected an improving trend and forecast January’s result to be +3.2%
  • January saw more than 130,000 jobs created and the unemployment rate falling to 2.9% with manufacturing improving from -2.2% in December to -1.2% in January, business/personal services up to 2.8%, from 1.4%
  • This a significant turnaround from December when data showed a 52,000 net contraction in jobs for the first contraction in almost four years.
  • This will naturally feed into the decision-making process for the Bank of Korea’s meeting on February 25.
  • At the last meeting the Governor indicated that the BOK is in a ‘rate cutting phase’, driving bond yields lower.
  • Since then, the Governor has moderated his approach and pushed back on the government indicating that the need for a fiscal response is compelling.
  • Additionally, the US has seen higher than expected inflation and the Federal Reserve Chairman indicating that they are intending to be patient in their approach.
  • All of this adds up making the decision on rates for the BOK much more balanced.