Bloomberg News

Korean Consumer Confidence Rebounds From Nine-Month Low

November 25, 2012

South Korean consumer confidence rebounded from a nine-month low this month as the economy began to show signs of improvement.

The sentiment index was at 99 from 98 in October, the Bank of Korea said in an e-mailed statement today. A reading below 100 indicates pessimists outnumber optimists.

Unemployment fell to the lowest since 2008 last month as gains in exports and industrial output signaled growth may pick up from the weakest pace in three years in the third quarter. Risks for Asia’s fourth-largest economy include record household debt and strength in the won, which threatens to weigh on exporters’ sales.

The Bank of Korea cut borrowing costs twice this year and the government boosted spending within its budget to support the economy. Today’s report showed that people expect inflation of 3.3 percent over the next year, within the range of between 2.5 percent and 3.5 percent that the central bank is targeting for the next three years.

The consumer confidence index is based on responses from 2,006 households in 56 cities, with the survey conducted by mail and telephone between Nov. 12 and Nov. 19.

To contact the reporter on this story: Eunkyung Seo in Seoul at eseo3@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net


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