SEJONG (Yonhap News) ― Business sentiment among the self-employed in South Korea worsened in January, data showed Monday, indicating that the prolonged sluggish domestic consumption is presenting tough market conditions for many small-sized business owners.

According to data by the Small Enterprise Development Agency, the business survey index among self-employed people for the current market conditions stood at 65.5 last month, down 24.3 from a month earlier. It also dropped by 17.3 from a year ago.

A reading below 100 means that the majority of those polled are feeling that business conditions remain bleak.

The January BSI marked the lowest since it dropped to 54.4 in March 2009, when the country was still reeling in the wake of the global financial crisis.

Their outlooks for near future market conditions also remained cloudy.

The BSI for market outlooks in February stood at 83.6, down 10.1 from a month earlier, the data showed. The index has stayed below the benchmark 100 for four straight months.

The worsening sentiment is attributable to slumping domestic consumption, which is squeezing the bottom lines of small-sized business owners such as retail stores and restaurants, observers said.