Household income up, spending growth tumbles

Annual growth of South Korean households’ monthly income picked up in the third quarter, but their spending grew at its slowest pace in more than three years amid a longstanding economic slowdown, a government report showed Friday.

Households’ monthly income averaged 4.14 million won ($3,808) in the July-September period, up 6.3 percent from a year earlier, according to the report by Statistics Korea. In the second quarter, such income grew 6.2 percent from a year ago.

Inflation-adjusted household income rose 4.6 percent over the same period. Disposable income grew 6.3 percent on-year to 3.35 million won, it showed. (Yonhap News)