Financial News: South Korea Manufacturing PMI Accelerates In August -

South Korea Manufacturing PMI Accelerates In August - S&P Global

09/01/2024 - 21:26:00 (RTTNews)

(RTTNews) - The manufacturing sector in South Korea continued to expand in August, and at a faster rate, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 51.9.

That's up from 51.4 in July, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

There was a steeper increase in production levels in August, with output up solidly midway through the third quarter of the year. Production has now increased in each of the last five months, with the latest rise the strongest since April 2021. Firms often mentioned that rising new orders was the main reason behind growth of output, as manufacturers also highlighted a steeper increase in incoming business.

The improvement in demand was commonly linked to stronger customer confidence and new client wins, notably in the domestic market. Meanwhile, growth in new export orders slowed amid reported weakness in Mainland China and the U.S.

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