Economic outlook among S.Korean consumers worsens on uncertainties

Economic outlook among South Korean consumers worsened on uncertainties at home and abroad, central bank data showed on Wednesday.

Consumer sentiment index (CSI) for economic outlook, which reflects expectations for economic conditions six months later, stood at 80 in October, down from 83 in the previous month, according to the Bank of Korea (BOK).

The index is based on a BOK survey of 2,013 households conducted between Oct. 12 and 19. The reading below 100 indicates that pessimists outnumber optimists.

The worsened forecast came on expectations that the protracted global economic slump would weigh down on the export-driven South Korean economy.

The ongoing restructuring in shipbuilding and shipping industries as well as fast-rising household debts are expected to discourage consumer spending at home.

The CSI for job opportunity fell 1 point to 79 in October, reflecting worry about higher unemployment especially among youths.

The composite CSI was almost unchanged at 101.9 in October compared with 101.7 tallied in September.

Inflation expectations, which reflect outlook for consumer price inflation in the next 12 months, stood at 2.5 percent in October, unchanged from the previous month. Endit