Economic Buzz: South Korea Manufacturing Sector Contracts In August

1 Sep 2022 , 11:19 AM

The manufacturing sector in South Korea continued to contract in August, and at a faster pace, the latest survey from S&P Global revealed with a manufacturing PMI score of 47.6. Thats down from 49.8 in July, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. Both output and new order volumes fell at quicker rates in August, reflecting business concerns of a pending economic downturn, which weighed on production and demand. Both segments fell at a sharp pace that was the quickest since June 2020. Moreover, new exports orders fell at the fastest pace since July 2020 amid weaker global economic conditions, exacerbated by the Ukraine war and zero-Covid policies in China. Powered by Commodity Insights