Korea – June labour market

The June labour market release wasn't significant for the BOK. There was a pause in the rapid tightening of the last few months, but the unemployment rate remains very low, and employment high.

The quite rapid tightening of the labour market of recent months took a pause in June, with the level of employment and the participation rate both ticking down, and the seasonally adjusted unemployment rate rising. The total number of jobs though remains at a record high, and unemployment is still below 3%, an unusually low level for the last twenty years.

This slight softening of the labour market from a quantity perspective was matched by a similar change in terms of quantity. Employment in the government sector and for over 60s held up. But jobs in other services softened a bit, as did the level of employment for younger people.