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SOUTH KOREA: Unemployment Spike Adds To BoK Easing Case

SOUTH KOREA
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Dec jobs data was weaker than expected for South Korea. The unemployment rose to 3.7%, well above the 2.9% forecast and prior 2.7% outcome. This is the highest unemployment rate since mid 2021, see the chart below. All else equal it adds to the case for further easing at tomorrow's BoK policy meeting. The participation rate edged down to 63.9% from 64.4% prior.

  • In terms of jobs growth, we fell to -52k in y/y terms for Dec. This was after a 123ky/y rise for Nov. Dec's fall was the first since 2021.
  • By industry manufacturing jobs growth fell to -2.2%y/y, remaining in negative territory. Construction jobs growth fell to -7.2%y/y, from -4.4%. Other industries saw softer growth relative to Nov trends. 

Fig 1: South Korean Unemployment Rate Spikes In Dec 

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Dec jobs data was weaker than expected for South Korea. The unemployment rose to 3.7%, well above the 2.9% forecast and prior 2.7% outcome. This is the highest unemployment rate since mid 2021, see the chart below. All else equal it adds to the case for further easing at tomorrow's BoK policy meeting. The participation rate edged down to 63.9% from 64.4% prior.

  • In terms of jobs growth, we fell to -52k in y/y terms for Dec. This was after a 123ky/y rise for Nov. Dec's fall was the first since 2021.
  • By industry manufacturing jobs growth fell to -2.2%y/y, remaining in negative territory. Construction jobs growth fell to -7.2%y/y, from -4.4%. Other industries saw softer growth relative to Nov trends. 

Fig 1: South Korean Unemployment Rate Spikes In Dec 

Keep reading...Show less