S. Korea's November unemployment rate falls to 2.2% amid job market shifts.

Sejong, South Korea - The unemployment rate decreased to 2.2% in November 2024 from 2.3% a year earlier, while the total number of employed persons increased by 123,000 to 28.821 million, Statistics Korea reported on Wednesday.

The economically active population reached 29.477 million in November, growing by 102,000 people or 0.3% compared to the previous year, while the labor force participation rate remained unchanged at 64.6%.

The employment-to-population ratio slightly increased by 0.1 percentage points to 63.2% compared to November 2023.

By sector, business, personal, and public services showed the most substantial growth, adding 271,000 jobs for a 2.4% increase, while electricity, transport, communication, and finance sectors grew by 141,000 positions, representing a 3.9% gain.

Construction sector employment declined by 96,000 jobs or 4.4% while manufacturing lost 95,000 positions, marking a 2.1% decrease. Agriculture, forestry, and fishing employment fell by 35,000, showing a 2.2% reduction.

Regular employment increased by 167,000 positions or 1.0%, while temporary employment grew by 106,000 or 2.2%. Daily workers saw a significant decline of 103,000 positions, representing a 9.9% decrease.

The number of unemployed persons totaled 656,000 in November, showing a decrease of 21,000 persons or 3.1% from the previous year. The seasonally adjusted unemployment rate stood at 2.7%.

The economically inactive population increased by 50,000 persons to 16.151 million, representing a 0.3% year-on-year growth.