South Korea's seasonally adjusted unemployment rate struck 2.7% in February, down from 2.9% in January but unchanged on year, Statistics Korea reported on Wednesday.

The nation's labor participation rate, that is the percent of adults working or seeking work, logged at 63.7% in February, up marginally from 63.6% a year earlier, added the government agency.

There were 28.18 million employed South Koreans in February, up 0.5% from 28.04 million a year earlier, said Statistics Korea.

The number of unemployed in South Korea rose to 940,000 from 914,000, in the year to February.

Like many other nations, South Korea experienced higher rates of unemployment during the COVID-19 pandemic, with the nation's jobless rate striking 5.4% in January of 2021.

In the pre-pandemic era, South Korea's unemployment rate usually ranged between 3% and 4%.

However, in the post-pandemic years of 2023 and 2024, the nation's unemployment rate has often ranged under 3%, prompting some employers to speak of "worker shortages."

The outlook for South Korea's labor market 2025 may be for more of the same. The Bank of Korea in February forecast the nation's gross domestic product (GDP) would expand by 1.5% on year in 2025, after having grown by 2% on year in 2024.