Single-person households saw 1.6% drop in incomes

Home > Business > Economy

print dictionary print

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

More in Economy

Online courses get failing grades from tech students

Help after the rains

Plush protest

The Gangnam-Gangbuk price gap remains

Government to create 15 smart green industrial complexes

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now