(LEAD) S. Korea's unit labor cost declines in Q3

(ATTN: CORRECTS info in 4th para)
SEOUL, Feb. 15 (Yonhap) -- South Korea's unit labor cost declined during the
third quarter of last year, indicating that income levels shrank faster than
other major countries amid an economic slump, data showed Monday.

Unit labor cost refers to expenses needed to produce a product.
According to the data provided by the Organization for Economic Cooperation and
Development, South Korea's unit labor cost fell 1.2 percent during the
July-September period from the second quarter.
This marks the only shrinkage among 24 member countries analyzed by the
Paris-based organization. Their unit labor cost grew by an average 0.3 percent
over the cited period, the data showed.
Lower unit labor costs usually mean that overall productivity improves but for
South Korea, the wage contraction combined with an economic slowdown seems to
have played a part as well in lowering the costs, observers say.
The unit labor cost remained flat over the same period for the United States,
while the corresponding figures for Japan and Luxembourg marked a 0.1 percent
increase.
Finland saw its labor cost rise at the fastest pace of 2.3 percent, followed by
the Netherlands, Greece and Denmark with 1.7 percent, 1.2 percent and 1.1
percent, respectively.
kokobj@yna.co.kr
(END)

Delete & Prev | Delete & Next
Move to: