Employment Ice Age Coming... Number of Employed People Next Year May Fall Below 100,000 [3-Minute Brief]

[At a Glance]
① Reservations Canceled After Martial Law... Small Business Owners Suffer 50% Loss
② Resident Foreign Currency Deposits Decline for 2 Months Amid Exchange Rate Rise
③ Daily Seoul Apartment Transactions Also Dry Up

MARKET INDEX : Year to date

○ US New York Stock Exchange's three major indices closed mixed

○ Dow Jones down 0.25% from the previous day

○ Nasdaq, led by tech stocks, up 1.24%

Top3 NEWS

■ Reservations canceled one after another following the emergency martial law situation... Small business owners suffer 50% damage

○ Korea Federation of SMEs urgent survey on dining and lodging industries
○ Direct and indirect damages such as group reservation cancellations
○ "Year-end special demand expectations shattered, urgent measures needed"

■ Impact of martial law and impeachment political turmoil "Increase in employed persons next year may fall below 100,000"

○ Korea Labor Institute report
○ "Economic downturn at year-end and beginning of the year"
○ "Need to pay attention to employment stability"

■ Due to exchange rate rise... Resident foreign currency deposits decline for two consecutive months

○ Resident foreign currency deposit trends in November
○ Decreased by 540 million USD compared to the end of the previous month
○ Shift to decline due to large exchange rate increase

the Chart : Buying sentiment frozen amid impeachment turmoil... Seoul apartment daily transaction volume only 21 units

○ As transaction volume decreases, the upward trend in sale prices also slows

○ Regional polarization continues... Gangnam area shows higher growth rate

○ 'Capital area vs. provinces' and 'Gangnam vs. Gangbuk' trends continue next year

Profitable Law

■ Retirement age regulation changed without board resolution "Retroactive application not allowed"

○ First trial: "Changing retirement age by retroactively applying employment rules is invalid"
○ Second trial: "No need for employee consent as the purpose is retirement age extension"
○ Supreme Court: "Judgment based on retirement age at the time of dispute" remanded

■ Whether conditional regular bonuses are included in ordinary wages to be ruled by the full bench on the 19th

○ Claim for difference in overtime pay recalculated including bonuses in ordinary wages
○ 2013 Supreme Court ruling: "Conditional bonuses are not ordinary wages"
○ Recent rulings increasingly recognize them as ordinary wages

■ Financial Supervisory Service replaces 74 out of 75 department heads, veteran assigned to 'Bank Inspection Division 1' draws attention

○ Official reason is merit-based personnel, but analysis suggests organizational discipline enforcement
○ Department head system expanded from 1st to 4th term and 5th term public recruitment department heads appointed
○ Financial sector on high alert for possible strong sanctions by Financial Supervisory Service

Song in the News: Girls' Generation's 'Into the New World' as a new protest anthem

Girls' Generation's "Into the New World," released in 2007, is emerging as a new protest song in 2024. Screenshot from YouTube

○ 'Into the New World' rapidly rises at candlelight rallies triggered by emergency martial law

○ Melon listeners increased by 23%... Role as a protest anthem during impeachment protests

○ 'Apartment', 'Sorry Sorry', 'Tilted'... appear in the 'Impeachment Playlist'

Today's Key Schedule

○Domestic

17th KOSDAQ FineMedics subscription, public offering price 10,000 KRW

Incheon e-Pyeonhansesang Songdo The First Beach

Gyeonggi Pyeongtaek Brain City Sujain (8BL)

Jeonnam Suncheon Hanyang Lips Park Foret

Gyeonggi Brain City Prugio (3BL)

Gyeonggi Deokso Station Raon Private River Foret

Gyeonggi Gonjiam Station Central I-Park (A1-2)

Gyeonggi Godeok International New Town Miraedo Familier (A50)

○ Overseas

16:00 UK October Unemployment Rate

18:00 Germany December Ifo Business Climate Index

19:00 Eurozone December ZEW Economic Sentiment Index

22:30 US November Retail Sales

22:30 Canada November Consumer Price Index

23:15 US November Industrial Production

◇ Lunch & Commute Weather

○ Lowest temperature: -3℃(▲1℃)｜Highest temperature: 3℃(▲1℃)
○ Precipitation probability: Morning 20%｜Afternoon 10%
○ Fine dust: Morning Good｜Afternoon Good

OK in 3 minutes, essential time-efficient economic news. Published daily at 8 AM.