South Korea: Coronavirus infects job market – Standard Chartered

South Korea will release seasonally adjusted (SA) unemployment data for February on 11 March and in the opinion of economists at Standard Chartered Bank the unemployment rate is expected to rise due to coronavirus outbreak. USD/KRW trades at 1187.37.

Key quotes

“The unemployment rate likely rose to 4.3% due to the coronavirus outbreak. 

“We think jobs funded by the government will continue to increase, but the number of employed will decrease as the coronavirus outbreak disrupts tourism, the traditional retail business and trade.” 

“Korea’s slowing population growth will reduce the number of employed for 2020. The number of unemployed also likely rose in February due to delayed hiring as college graduates become economically active and search for jobs.”