Monthly household income in South Korea grew 2.8 percent on-year during the second quarter, thanks in part to improving labor market conditions that resulted in more employment, a government report said Friday.
The income of households consisting of two members or more averaged 4.15 million won ($4,060) per month during the April-June period, up from 4.04 million won a year earlier, according to the report by Statistics Korea. When adjusted for inflation, income grew 1.1 percent.
The growth rate, however, is slower than the 5 percent gain during the first quarter.
The agency attributed the growth in the second quarter to increased employment, which helped expand overall household income.
Earned household income was up 4.1 percent from a year earlier.
Household expenditures also increased 2.9 percent on-year to 3.25 million won. Adjusted for inflation, they rose 1.3 percent. (Yonhap)
