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Financial News: South Korea Manufacturing Sector Slumps In August -

South Korea Manufacturing Sector Slumps In August - S&P Global

08/31/2022 - 21:24:00 (RTTNews)

(RTTNews) - The manufacturing sector in South Korea continued to contract in August, and at a faster pace, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 47.6.

That's down from 49.8 in July, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Both output and new order volumes fell at quicker rates in August, reflecting business concerns of a pending economic downturn, which weighed on production and demand. Both segments fell at a sharp pace that was the quickest since June 2020. Moreover, new export orders fell at the fastest pace since July 2020 amid weaker global economic conditions, exacerbated by the Ukraine war and zero-COVID policies in China.

Pressure on operating capacity also eased in August, as backlogs of work reduced for the first time since October 2020. The reduction in outstanding business provided a further indication of a weaker outlook over the coming months as a lack of new orders allowed firms to complete existing workloads.

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