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Unemployment Rate Steady, But Jobs Growth Momentum Slows

SOUTH KOREA
EM BulletDataHomepagemarkets-real-timeData BulletBulletEmerging Market News

For May, South Korea's unemployment rate held steady at 2.8%, which was in line with the consensus forecast and the prior April outcome.

  • The unemployment rate has largely been wedged between 2.5-3.0% since early 2022. On the jobs front, there were 80k job created in May versus a year ago.
  • This a step down from the prior pace. In April we had +261k jobs added from a year prior and in Jan-Feb this was running in excess of 300k.
  • May's 80k rise was the slowest pace since early 2021, so there are signs of softening jobs growth momentum.
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For May, South Korea's unemployment rate held steady at 2.8%, which was in line with the consensus forecast and the prior April outcome.

  • The unemployment rate has largely been wedged between 2.5-3.0% since early 2022. On the jobs front, there were 80k job created in May versus a year ago.
  • This a step down from the prior pace. In April we had +261k jobs added from a year prior and in Jan-Feb this was running in excess of 300k.
  • May's 80k rise was the slowest pace since early 2021, so there are signs of softening jobs growth momentum.