South Korea Manufacturing PMI Slips To 47.3 In September - S&P Global
(RTTNews) - The manufacturing sector in South Korea continued to contract in September, and at a faster pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 47.3.
That's down from 47.6 in August, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
For a fifth consecutive survey period, South Korean manufacturing output declined in September. Furthermore, the downturn accelerated as production fell at the quickest pace since the midst of the first COVID-19 outbreak over two years ago.
According to anecdotal evidence, excess inventory levels, both at producers and their clients, order cancellations and sluggish sales led to the drop in output. Some companies also remarked on the adverse impact of the typhoon.
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