S. Korea's consumer sentiment index rises slightly in December
- 5 years ago
South Korea's consumer sentiment rebounded this month... after slumping to a 21-month low in November.
The nation's central bank attributed the slight rise to people's expectations they'll earn more next year...due to the higher minimum wage.
Our Ko Roon-hee reports.
South Korea's consumer confidence ticked up in December...after hitting its lowest point in almost two years last month.
The Bank of Korea says the composite consumer sentiment index was at 97-point-2 points in December... up more than a point from the previous month.
However, a reading below 100 indicates there are more pessimists than optimists about the economy.
The central bank attributed the slight rebound to people expecting to earn and spend more next year -- mainly due to the higher minimum wage.
There are six main indices that constitute the composite sentiment index, and the one specifically for prospective household income jumped by two points in December compared to the previous month.
The index for prospective household spending also rose by a point.
In South Korea, the minimum wage was increased by more than 16-percent this year, and 10-point-nine percent rise is slated for 2019.
However, the overall situation remains grim... because the composite consumer sentiment index has been under the 100-point threshold for three consecutive months.
This is mainly due to people having low confidence about the health of the local economy.
For instance, the index measuring sentiment regarding the current economic conditions has been stuck below 80 points since July.
The index related to consumers' living standards also dropped...due to the rise in consumer prices...mainly food.
Vegetable prices, for example, surged more than 14-percent on-year last month...due to the lasting impact of the record heatwave and heavy rainfall in the summer.
The central bank also pointed out that the index for prospective housing prices marked its lowest since February last year...meaning many people expect prices to fall in the near future.
Ko Roon-hee, Arirang News.
The nation's central bank attributed the slight rise to people's expectations they'll earn more next year...due to the higher minimum wage.
Our Ko Roon-hee reports.
South Korea's consumer confidence ticked up in December...after hitting its lowest point in almost two years last month.
The Bank of Korea says the composite consumer sentiment index was at 97-point-2 points in December... up more than a point from the previous month.
However, a reading below 100 indicates there are more pessimists than optimists about the economy.
The central bank attributed the slight rebound to people expecting to earn and spend more next year -- mainly due to the higher minimum wage.
There are six main indices that constitute the composite sentiment index, and the one specifically for prospective household income jumped by two points in December compared to the previous month.
The index for prospective household spending also rose by a point.
In South Korea, the minimum wage was increased by more than 16-percent this year, and 10-point-nine percent rise is slated for 2019.
However, the overall situation remains grim... because the composite consumer sentiment index has been under the 100-point threshold for three consecutive months.
This is mainly due to people having low confidence about the health of the local economy.
For instance, the index measuring sentiment regarding the current economic conditions has been stuck below 80 points since July.
The index related to consumers' living standards also dropped...due to the rise in consumer prices...mainly food.
Vegetable prices, for example, surged more than 14-percent on-year last month...due to the lasting impact of the record heatwave and heavy rainfall in the summer.
The central bank also pointed out that the index for prospective housing prices marked its lowest since February last year...meaning many people expect prices to fall in the near future.
Ko Roon-hee, Arirang News.