Economic Buzz: South Korea Manufacturing Sector Goes Into Contraction In July

1 Aug 2022 , 12:18 PM

The manufacturing sector in South Korea fell into contraction territory in July, the latest survey from S&P Global revealed with a manufacturing PMI score of 49.8. Thats down from 51.3 in June, and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction. The decline was the first since September 2020, though only fractional overall. July data pointed to a third consecutive decrease in manufacturing output. The contraction quickened from June and was the sharpest recorded since last October. Firms commonly associated lower output with rising raw material prices amid sustained shortages which made input procurement challenging.Powered by Commodity Insights