South Korea households’ inflation-adjusted disposable income in the April-June period grew at the fastest pace since the first quarter of 2010 amid continued jobs growth, government data showed on Friday.
Households’ real disposable income rose by 4.3 percent year-on-year during the second quarter of 2012 after rising 3.7 percent in the previous quarter, Statistics Korea said in a statement, marking the fifth consecutive quarter of gains.
The income growth in the second quarter was the fastest since the 4.3 percent rise in the first quarter of 2010. Real disposable income grew by 0.4 percent in the second quarter of 2011.
But real household consumption spending growth during the April-June period slowed to 1.1 percent year-on-year from 2.2 percent in the first quarter, reflecting weak domestic demand as the heavily leveraged households remain under pressure from the weak property market and the intensifying euro zone crisis.
Sales at South Korea’s top department store chains fell two out of the three months during the second quarter of 2012, while sales at the country’s top discount store chains fell all three months of the quarter.