The number of temporary workers in South Korea edges up 1.4% year over year to approximately 4.82 million in October 2023, according to data released by Statistics Korea.

When compared to the previous month, the number of temporary workers also saw an increase of 1.7% in October 2023. The temporary employment data is not seasonally adjusted.

Labour market data also showed that the seasonally adjusted unemployment rate stood at 2.5%, down from 2.8% the year prior and down from 2.6% the month before.

On a non-seasonally adjusted basis, the unemployment rate marked 2.1% in October, down 0.3% year-on-year and down 0.2% over the month.

The number of unemployed persons totalled 627,000 people in October, which decreased 66,000 persons or 9.5% year-on-year. It was also down 5.1% over the month.

Statistics Korea also found that the number of employed persons totalled 28.76 million persons in October, which went up 346,000 persons or 1.2%year-on-year. The employment to population ratio recorded 63.3% in October, up 0.6% year-on-year.

The economically active population marked 29.390 million persons in October, which grew 280,000 persons or 1.0% year-on-year. The labour force participation rate stood at 64.7% in October, up 0.4% year-on-year.

The economically inactive population totalled 16.062 million people in October, decreasing 130,000 persons or 0.8% year-on-year.