South Korean consumer confidence surges to 10-month high in Oct, business outlook remains dim

Consumer confidence in South Korea surged to a 10-month high during the period of October, despite a grim business outlook in the economy.

The composite consumer sentiment index for October came to 101.9, compared with 101.7 the previous month, data released by the Bank of Korea (BoK) showed Wednesday. The figure marks the highest since December 2015 when the index stood at 102.4. A reading above 100 implies more optimists than outnumbered pessimists.

A separate index gauging the people's sentiments toward the current economic conditions remained unchanged at 72 in October from the previous month. An index measuring the people's sentiments toward future economic conditions came to 80, down from 83 during the same period, according to the BOK.

People's sentiments toward employment slightly deteriorated, with an index measuring their sentiments toward job opportunities coming to 79 in October, down from 80 in the previous month, according to the BoK. The monthly index is based on a survey of 2,013 households throughout the country from Oct 12 to 19.