Single-person households saw 1.6% drop in incomes

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Single-person households saw 1.6% drop in incomes

Korea’s single-earner families suffered declines in their income in the first three quarters of last year as companies cut wages and jobs amid a prolonged economic slowdown, government data showed Sunday.

Single-income families earned an average of 3.71 million won ($3,100) in the third quarter, which ended Sept. 30, down 1.6 percent from 3.77 million won a year earlier. In the first and second quarter, their on-year income fell 2.6 percent and 0.1 percent, respectively, according to data from Statistics Korea. It was the first time for the income of single-income families to decline for three straight quarters since Statistics Korea began to compile related data in 2003.

Given that the economy worsened in the fourth quarter, chances are high the annual income of single-earner families will post negative growth for the entire year in 2016, the first time that’s happened, the government agency said. YONHAP

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