South Korea's consumer confidence dropped sharply to a 14-month low for June as sluggish job data and an intensifying U.S.-China trade row discouraged people here, central bank data showed Tuesday.
The composite consumer sentiment index (CCSI) for this month stood at 105.5, down 2.4 points from the previous month, according to the survey by the Bank of Korea (BOK).
The June index marked the lowest figure since April last year, when it fell to 100.8 in the aftermath of the impeachment of former President Park Geun-hye over a political meddling scandal. Also, the on-month decrease was the steepest since November 2016.
But it is still higher than the long-term average of 100, as a reading above 100 means optimists outnumber pessimists.
The BOK said people were affected by the number of new jobs created in May, which came to a more-than-eight-year low of 72,000 amid rising concerns over the slowing South Korean economy.
|This file photo shows the Bank of Korea flag (L) in front of the bank's main office in Seoul. (Yonhap)|
At the same time, an intensified U.S.-China clash on trade issues, which recently seems to be spreading to Europe, dampened South Koreans' sentiment.
The BOK said its index measuring people's sentiments regarding current economic conditions fell one point to a 13-month low of 84 in June. In addition, an index measuring the public's feelings toward economic conditions over the next six months slid to 96 from 101 over the cited period. (Yonhap)
Kim Jung-mi firstname.lastname@example.org
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