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Monthly Avg. Household Income Rises 3.5% On-Yr. in Q2

Written: 2024-08-29 15:17:08Updated: 2024-08-29 15:37:19

Monthly Avg. Household Income Rises 3.5% On-Yr. in Q2

Photo : YONHAP News

The monthly average household income during the second quarter expanded three-point-five percent from a year earlier, with earned income rising three-point-nine percent on-year to lead the overall gain.

According to Statistics Korea on Thursday, the monthly household income between April and June was around four-point-961 million won, or some three-thousand-700 U.S. dollars.

Taking into account inflation, real income also increased zero-point-eight percent from the previous year, making a turnaround from minus one-point-six percent in the first quarter.

While the overall income expansion can be attributed to the three-point-nine-percent on-year rise in earned income, the one-point-four-percent increase in business income amid the weak domestic demand fell well short of the inflation.

The bottom 20-percent income bracket saw its business income drop by 12-point-six percent, the biggest margin among all income brackets, as well as earned income by around seven-point-five percent.

Meanwhile, the average household spending surpassed income for the eighth straight quarter, with consumption excluding tax and pension payments jumping four-point-six percent on-year to two-point-813 million won.

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