SEOUL, President Moon Jae-in's approval rating continued to drop to a new low last week amid growing economic concerns, a poll showed Monday.

In a survey conducted by Realmeter, Moon's support came to 53.5 percent, down 1.7 percentage points from a week earlier. The weekly survey was conducted Monday through Friday, involving 2,509 adults across the nation.

The reading marks the lowest since Moon took office in May 2017. It also marks the fifth consecutive week of decline.

The drop comes amid growing concerns over worsening job conditions and spiking real estate prices.

The latest report from the statistics office showed the country added only 5,000 new jobs from a year earlier in July, a sharp drop from more than 100,000 new jobs added the month before.

Critics blame the spike in the minimum wage, which jumped 16.4 percent to 7,530 won (US$6.70) per hour at the start of the year, but Moon insists such an increase is necessary and that it will benefit those in the lowest income bracket.

The minimum wage is again set to surge 10.9 percent to 8,350 won per hour from the start of next year.

The recent increase in real estate prices is also adding to concerns that the people may begin to think they are worse off than before, which in turn could lead to a cut in their spending.

The government is widely expected to announce a new set of measures to cool down the housing market.

The ruling Democratic Party too continued to suffer setbacks with its own approval rating slipping 1.0 percentage point to 40.4 percent last week.

The main opposition Liberty Korea Party's rating gained 0.7 percentage point to 19.5 percent while that of the splinter Bareunmirae Party advanced 0.9 percentage point to 7.5 percent.

The progressive Justice Party's approval rating shed 1.9 percentage points to 9.9 percent, marking five consecutive weeks of drop, while the minor opposition Party for Democracy and Peace saw its rating inch down 0.1 percentage point.

Source: Yonhap News Agency