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Number of self-employed shrinks in July for 6th consecutive month

August 19, 2024

The number of self-employed people in South Korea fell for the sixth consecutive month in July, data showed Monday, as the nation’s economy grapples with weaker consumption.

There were 5.72 million self-employed people last month, down some 62,000 from the same month last year, according to the data by Statistics Korea.

It marked the sixth consecutive month that the number of self-employed people declined.

The sixth straight decline in the number of self-employed people also marked the longest losing streak since the COVID-19 pandemic hurt consumer spending.

Self-employed businesses with no employees numbered 4.27 million last month, down some 110,000 from the same month last year, the data showed.

South Korea’s economy contracted 0.2 percent in the second quarter, as weaker domestic demand clouded recovery prospects, despite robust exports, the Bank of Korea said last month.

A sign shows a fish shop in a traditional market in central Seoul is closing its business, in this file photo taken July 15, 2024. (Yonhap)
A sign shows a fish shop in a traditional market in central Seoul is closing its business, in this file photo taken July 15, 2024. (Yonhap)