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SOUTH KOREA:  Retail Sales Jump for August.

SOUTH KOREA
EM BulletAPACBulletSouth KoreaGlobalEmerging Market NewsRegion
  • Perhaps today’s retail sales may keep the politicians at bay in their calls on the BOK to cut rates.
  • Politicians have been very direct in the calls, aimed squarely at the BOK whose focus has been on the rapid growth in Seoul property prices.
  • Politicians have talked off the need to support the struggling consumer and yet today’s outsized retail sales may suggest otherwise.
  • Retail sales for August jumped +9.2% yoy, whilst department sales jumped +4.4% (following a contraction the prior month).
  • Even factoring in seasonal adjustment, this number appears to suggest that the consumer may not be in as bad a shape as forecast and could provide the BOK time to decide on monetary policy. 
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  • Perhaps today’s retail sales may keep the politicians at bay in their calls on the BOK to cut rates.
  • Politicians have been very direct in the calls, aimed squarely at the BOK whose focus has been on the rapid growth in Seoul property prices.
  • Politicians have talked off the need to support the struggling consumer and yet today’s outsized retail sales may suggest otherwise.
  • Retail sales for August jumped +9.2% yoy, whilst department sales jumped +4.4% (following a contraction the prior month).
  • Even factoring in seasonal adjustment, this number appears to suggest that the consumer may not be in as bad a shape as forecast and could provide the BOK time to decide on monetary policy.