On the 15th, the Ministry of Economy and Finance announced on the 15th that the consumer price inflation rate was 2.6% in the third quarter of this year (July-September) and that the recovery rate is slowing.
The Ministry of Strategy and Finance diagnosed the inflation rate as possible in the 3% range in October, and the “expected 4%” growth rate this year is due to fiscal revenue.
The number of employed people in September increased by 671,000 from the previous year, but 12,000 in their 30s decreased, followed by those in their 60s (323,000), 20s (202,000), 50s (124,000), and 40s (10,000). 8,000), and those in their 30s and 40s, the main economy, weakened.
By industry, the government-funded health and social welfare service industry (280,000), transportation and warehousing (163,000), and education service (98,000) increased, while the market-led wholesale and retail industry saw a sharp drop of 122,000 and the manufacturing industry saw a sharp drop of 37 thousand. thousand people is reduced.
The consumer price index rose 2.5% in September, rising 2.3% in April, 2.6% in May, 2.4% in June, and 2.6% in July and August, in the mid-2% range for six consecutive months.
In September, gasoline prices rose 21.0% YoY, diesel 23.8%, pork 16.4%, and eggs 43.4%, while water and city gas rates rose 0.9% and 0.1%, respectively.
In September, Jeonse increased by 2.4% and apartment management expenses increased by 4.6%.
In September, household loans of the five major commercial banks amounted to 702,887.8 billion won, an increase of 4.72.9 trillion won from the end of August (698.814 trillion won) and 500 billion won larger than the increase in August (3.506.8 trillion won).
The increase in household loans in September increased by KRW 4.26 trillion from the end of August to KRW 497,417.4 billion in the balance of mortgage loans (main loan). The continuous increase was associated with an increase in house prices.
The rate of increase in the housing market sale price in August rose 0.96% from the previous month (0.85%), and the Jeonse price rose 0.63% as the increase was greater than the previous month (0.59%).
From August, all industrial production decreased by 0.2%, retail sales by 0.8%, and facility investment by 5.1% compared to the previous month.
In facility investment, the -5.1% decrease in August was a sharp decrease of -7.7% in machinery such as special industrial machinery (-4.3%) and transportation equipment such as ships.
In all industrial production, only public administration (+5.2%) and construction (+1.6%) of government spending increased, while all industries including mining (-0.7%), service (-0.6%), and manufacturing (-0.4%) decreased. It revealed the limits of financial expansion.
As the recovery of the real economy, which relied on excessive government fiscal input from continuous inflation, has been weakened, concerns about economic recession and stagflation (stagnation + inflation) have become a reality.
The Korea Economic Research Institute announced on the 13th that the number of 30-40 employed has decreased by an average of 1.5% over the past five years, and the employment rate has decreased by 0.7%p to 76.2%, ranking 30th among 38 OECD countries.
According to the Korea Economic Research Institute, the number of employed 30-40 increased from 2015 to 2020 in Germany (84.9→85.8%), Japan (82.4→85.1%), the UK (83.0→85.1%), and France (80.8→81.9%), and the employment rate was Germany 85.8%, Japan 85.1%, UK 85.1%, France 81.9%, US 76.6% and Korea 76.2%.
The Ministry of Strategy and Finance announced on the 15th in the October issue of 'Recent Economic Trends' (Green Book), "Externally, the global economic recovery is continuing, but there is a possibility of a slowdown in the recovery speed due to inflation concerns and supply chain disruptions due to rising raw material prices."
Kim Young-hoon, head of the economic analysis division of the Ministry of Strategy and Finance, said, "Inflation, which was low due to support for telecommunication costs in October last year, will be reflected as a factor in this year's inflation." It acts as a factor, but considering the base effect last year, the exchange rate and international oil prices, the possibility of the 3% range cannot be ruled out."