South Korea Consumers Pulling Back on Spending

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South Korea Consumers Pulling Back on Spending

whowirednetwork

2012.08.08 (12:18:42)

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Amid a rocky outlook for the export markets that drive its economy, South Korea’s policy makers might have hoped domestic demand might pick up some of the slack. But the wishful thinking in any such expectations was demonstrated by Tuesday’s ugly news from the retail sector.

By some measures, the weak consumer spending seems surprising. Unemployment, at a shade over 3 per cent, is back at pre-financial crisis levels. Wage growth has been comfortably over 4 per cent in each of the first five months (later figures are not yet available) – about double the rate of inflation.

Via Financial Times (full text)

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