US Markets
South Korea Unemployment Rate Inches Higher in April
South Korea's seasonally adjusted unemployment rate struck 2.8% in April, up marginally from the 2.7% rate logged in March, reported the Ministry of Data and Statistics (MDS) on Wednesday.The number of unemployed in South Korea, seasonally adjusted, rose to 816,000 in April from 799,000 in March, added the MDS.The number employed in the nation, not seasonally adjusted, rose to 28.96 million in April, up from 28.77 million in March, and also up from 28.89 million a year earlier.Like many other Asian nations, South Korea's total population, and working-age population headcount, have largely stabilized in recent years.The nation's employment-to-population ratio, that is, the percent of residents aged 15 to 64 who have a job, logged at 70% in April, largely unchanged from March and months in the preceding year.Despite South Korea's ongoing boom in semiconductor production, the number of manufacturing-sector workers in the nation in April declined to 4.34 million, down 55,000 on year.The number employed in agriculture, forestry and fishing sector fell to 1.34 million, down 92,000 on year, added MDS.In contrast, the number employed in the electricity, transport, communication and finance sector rose by 54,000 on year in April to 3.82 million.In addition, the number of South Koreans employed in the business, personal, public services and others sector rose to 12.04 million in April, up 250,000 on year, added MDS.Despite recent Persian Gulf turmoils, the outlook for South Korean employees in 2026 could be positive, if a recent think-tank report is on target.The Korea Development Institute (KDI), a government-funded research institute, raised its gross domestic product (GDP) forecast for South Korea this year from 1.9% to 2.5%, on Wednesday.The KDI boosted its GDP prediction due to the continued semiconductor boom and improving consumption trends, reported The Chosun Daily news.
KOSPI
