South Korea household income drops at fastest pace in at least 3-1/2 years

SEOUL (Reuters) – South Koreans’ disposable income dropped in the second quarter by the fastest pace in at least 3-1/2 years, government data showed on Thursday.

Households’ disposable income for the April-June period fell 5.9% in real terms from the same quarter the year before, much faster than the 1.3% fall in the preceding three months, according to Statistics Korea.

It was the fourth straight quarter disposable income was lower than a year earlier and marked the biggest percentage fall for the data series that began in the first quarter of 2020.

(Reporting by Jihoon Lee; Editing by Sonali Paul)