In 2023, the combined unemployment rate and potential labor force in South Korea decreased to approximately 6.6 percent. This figure represented the lowest recorded rate in the country over the past nine years.
Combined rate of unemployment and potential labor force in South Korea from 2015 to 2023
The combined rate of unemployment and potential labor force is one of the labor underutilization indicators of the International Labour Organization (LU3 indicator) and is calculated as [(persons in unemployment +potential labor force) / (labor force + potential labor force)] x 100.
It captures the unemployment situation more broadly by including the unemployed who are not covered by the unemployment rate, such as people who wanted employment but have not sought work in the past four weeks.
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KOSIS. (May 17, 2024). Combined rate of unemployment and potential labor force in South Korea from 2015 to 2023 [Graph]. In Statista. Retrieved October 31, 2024, from https://www.statista.com/statistics/1233367/south-korea-combined-rate-of-unemployment-and-potential-labor-force/
KOSIS. "Combined rate of unemployment and potential labor force in South Korea from 2015 to 2023." Chart. May 17, 2024. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/1233367/south-korea-combined-rate-of-unemployment-and-potential-labor-force/
KOSIS. (2024). Combined rate of unemployment and potential labor force in South Korea from 2015 to 2023. Statista. Statista Inc.. Accessed: October 31, 2024. https://www.statista.com/statistics/1233367/south-korea-combined-rate-of-unemployment-and-potential-labor-force/
KOSIS. "Combined Rate of Unemployment and Potential Labor Force in South Korea from 2015 to 2023." Statista, Statista Inc., 17 May 2024, https://www.statista.com/statistics/1233367/south-korea-combined-rate-of-unemployment-and-potential-labor-force/
KOSIS, Combined rate of unemployment and potential labor force in South Korea from 2015 to 2023 Statista, https://www.statista.com/statistics/1233367/south-korea-combined-rate-of-unemployment-and-potential-labor-force/ (last visited October 31, 2024)
Combined rate of unemployment and potential labor force in South Korea from 2015 to 2023 [Graph], KOSIS, May 17, 2024. [Online]. Available: https://www.statista.com/statistics/1233367/south-korea-combined-rate-of-unemployment-and-potential-labor-force/