South Korea Q2 household disposable income falls for a 7th quarter
[SEOUL] South Korea's average disposable household income in the April-June period declined for a seventh straight quarter in annual terms, official data showed on Thursday, a blow to the government's efforts to boost consumer spending.
Real disposable household income for the second quarter fell 0.1 per cent on-year, following a 1 per cent decline in January-March, according to Statistics Korea.
Real household income grew 2.7 per cent in the second quarter, faster than a 2.4 per cent gain in the first.
An index measuring income inequality - a ratio of the income of the highest 20 per cent and the lowest 20 per cent - was 5.23 in the second quarter, improving from 5.95 three months earlier, the worst on record.
"Unemployment increased in the lowest income bracket due to ageing population and sluggish businesses in retail shops and restaurants," Statistics Korea said in a statement.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US official urges China, Russia to declare only humans, not AI, control nuclear weapons
Banking giants race to Riyadh as MBS steps up pressure campaign
Biden now calls ally Japan ‘xenophobic’ along with China, Russia
Japanese companies struggle with yen’s continued weakness
Australia’s March goods trade surplus narrows to more than 3-year low
Hong Kong holds rate as Fed signals inflation concerns