Collapsing domestic demand, beleaguered
Retail sales plummet, largest decline since the financial crisis
900,000 people choose to receive pension early
The number of applicants for unemployment benefits rapidly increased by 7.7% compared to last year.
Recession-type consumption only leads to salty shopping at supermarkets and convenience stores
◆ Shadow of domestic recession ◆
The pace of domestic demand recession is accelerating. This is because the burden of high interest rates and high prices that has continued for over 20 months has had an all-round impact on the people’s livelihood. As recession-style consumption seeking cheap goods increased, national retail sales recorded the largest decline in 15 years.
The shadow of recession is shaking the vulnerable classes first. As the domestic economy, including the construction industry, froze, the number of applicants for job-seeking benefits increased by more than 7% in one month. The elderly, who were hit hard, also tried to save money for retirement. It is estimated that the number of elderly people who plan to receive their pension early even if it is reduced has exceeded 900,000. It is pointed out that it has become urgent to prescribe selective fiscal policies focusing on low-income groups while putting out urgent fires by switching monetary policy through interest rate cuts.
Original text:
https://v.daum.net/v/20240812181212153
