Korean consumer confidence most upbeat in eight years

SEOUL, November 25 (AJP) - South Koreans turned markedly more upbeat about the economy in November, buoyed by the stock market’s record-setting rally, the settlement of a tariff deal with the United States, and stronger-than-expected third-quarter growth led by resilient exports.

The Consumer Sentiment Index (CCSI) rose 2.6 points from October to 112.4, the highest since 113.9 in November 2017, the Bank of Korea said Tuesday. A reading above 100 signals optimism about current and future economic conditions.
The strongest improvement came from future economic outlook, which jumped 8 points to 102. Current economic assessment and household-income expectations also gained, while views on current living conditions and household spending remained unchanged.

The index measuring assessments of the economy compared with six months earlier stayed below the neutral 100 at 96, but the reading improved by five points from October and stands far above its long-term average of 72.

Expectations for economic conditions six months ahead climbed eight points to 102, reflecting easing uncertainties after Korea finalized a trade agreement with the United States that had clouded export prospects to the world’s largest market.

Job-market sentiment remained weak at 95, though improved from 91 a month earlier and well above the March trough of 72.

Perceived inflation over the past year held steady at 2.9%, and expectations for inflation a year ahead were unchanged at 2.6%.

Grocery prices—particularly agricultural and fishery products—were cited as the biggest inflation burden by 51% of respondents, followed by utility bills (36%) and fuel prices (30.5%).