S.Korea's household income falls in Q3 over COVID-19
Source: Xinhua | 2020-11-20
South Korea's household income fell in the third quarter owing to an economic fallout from the COVID-19 pandemic, statistical office data showed Thursday.
The monthly nominal income of households with at least two family members, which exclude farming, fishing and mountain families, averaged 5,305,000 won (4,760 U.S. dollars) in the July-September quarter, according to Statistics Korea.
It was up 1.6 percent from a year earlier thanks to the government's financial support for households suffering from job loss and the declined business income.
The COVID-19 resurged here in August and September on small cluster infections linked to church services and a massive rally in central Seoul on Aug. 15.
During the two-month period, the government tightened its social-distancing rules, hitting hard the services sector, especially microbusiness owners.
The monthly average earned income, which accounts for about two-thirds of the total household income, contracted 1.1 percent over the year to 3,477,000 won (3,120 U.S. dollars) in the third quarter.
The earned income continued to decline for two straight quarters for the first time since relevant data began to be compiled in 2003. In the second quarter, the earned income diminished 5.3 percent.
The monthly average business income shed 1.0 percent to 991,000 won (890 U.S. dollars) in the third quarter, after skidding 4.6 percent in the second quarter owing to microbusiness owners.
Public transfer income, including the government grants, jumped 29.5 percent to 503,000 won (450 U.S. dollars) in the third quarter on a monthly average basis, offsetting the falls in both earned and business incomes.
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