South Korea Jobless Rate Rises to 2.9% in March
In March 2025, South Korea experienced a rise in its seasonally adjusted unemployment rate to 2.9%, up from 2.7% in February, marking the first rise in employment challenges after three months of stability. This slight worsening of employment figures preceded the implementation of comprehensive tariffs by U.S. President Donald Trump, which included a 25% duty on goods from South Korea. Additionally, South Korea is gearing up for its presidential election in June, following the removal of President Yoon due to his brief enforcement of martial law, a development that has somewhat alleviated political uncertainty. The number of unemployed individuals grew by 3%, or 26,000 people, reaching .92 million in March compared to the previous year. Concurrently, the labor force participation rate increased to 64.6% in March, reflecting a 0.3% rise from the year prior.
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