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Unemployment Rate Dips Back Close To 2023 Lows

SOUTH KOREA

South Korea's Feb unemployment rate fell to 2.6%, versus a 3.0% forecast (3.0% was also the prior outcome). This takes the unemployment rate back close to H2 2023 lows (2.5%).

  • The participation rose, while y/y jobs growth was a respectable +1.2%, down slightly from Jan's +1.4% pace. This saw over 300k new jobs added for the second month in row. Jobs growth in y/y terms was fairly solid by industry outside of agriculture.
  • The data should give some comfort to the BoK around the domestic backdrop. Note that the BoK minutes, out yesterday from the prior meeting, didn't suggest there was a need to rush rate cuts, at least according to one member. Note the next BoK meeting is on Apr 12.

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