South Korea's unemployment hits record low in May

South Korea’s unemployment rate fell by 2.5 percent in May. South Korea’s unemployment rate hit a record low of 2.5 percent in May, a level last seen in August 2022. Government data showed that the number of employed people increased by 1.2 percent year-on-year to 28.84 million in May. The employment-to-population ratio increased by 0.5 percentage points year-on-year to 63.5 percent in May. In addition, the number of unemployed people decreased by 11.5 percent year-on-year to 787,000 in May.