South Korea Manufacturing Sector Weakens Further In August - S&P Global
(RTTNews) - The manufacturing sector in South continued to contract in August, and at a faster rate, the latest survey from S&P Global showed on Friday with a manufacturing PMI score of 48.9.
That's down from 49.4 in July, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
The sub-50.0 PMI reading in August wholly reflected the two largest components, new orders and output, which account for 55% of the weight in the PMI calculation. These contracted for the fourteenth and sixteenth consecutive months, respectively, the longest sequences for both variables in the survey history.
The decline in new business accelerated during the month but remained weaker than the trend shown since the second half of 2022. Anecdotal evidence linked falling demand and output to weaker domestic and export conditions. International orders fell, having risen slightly in July for the first time in 17 months.
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