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Financial News: South Korea Manufacturing PMI Slumps In May -

South Korea Manufacturing PMI Slumps In May - S&P Global

06/01/2022 - 20:39:00 (RTTNews)

(RTTNews) - The manufacturing sector in South Korea continued to expand in May, albeit at a slower pace, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 51.8.

That's down from 52.1 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

May data pointed to a second contraction in production levels in the past three months. While only mild overall, the rate of reduction was the strongest since last December. Firms commonly associated the renewed contraction to difficulty obtaining raw materials for production, with delays and shortages exacerbated by strict COVID-19 restrictions in China.

South Korean manufacturers signaled an expansion in new business for the twentieth consecutive month in May. The rate of growth quickened from April and was the fastest recorded since February.

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