Economic Buzz: South Korea Manufacturing PMI Declines To 51.3 In June

1 Jul 2022 , 01:01 PM

The manufacturing sector in South Korea continued to expand in June, albeit at a slower pace, the latest survey from S&P Global showed with a manufacturing PMI score of 51.3. Thats down from 51.8 in May although it remains above the boom-or-bust line of 50 that separates expansion from contraction. June data indicated a second successive fall in manufacturing output. The rate of contraction was solid and the sharpest recorded for seven months. Manufacturers attributed the decrease to higher material costs and supply shortages amid sustained logistical difficulties. At the same time, businesses recorded a softer rise in new orders in the latest survey period. Panelists often commented that client confidence was dampened by rising raw material prices in the midst of supply shortages. Foreign demand meanwhile contracted for the fourth consecutive month in June, although the rate of decline eased to the softest in this sequence.Powered by Commodity Insights