Financial News: South Korea PMI Sinks In October - S&P

South Korea PMI Sinks In October - S&P Global

(RTTNews) - The manufacturing sector in South Korea fell into contraction territory in October, the latest survey from S&P Global revealed on Monday with a Performance of Manufacturing Index score of 49.4.

That's down from 50.7 in September, and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.

October survey data indicated a monthly decline in production volumes, reversing September's modest uptick. Although the fall was only marginal, it marked the seventh decrease in the last eight months and was often attributed to lower new order inflows, particularly within the domestic economy. In some cases, firms opted to utilize existing inventories of finished items to help meet order requirements, resulting in a modest depletion of stock holdings.

New order intakes fell at a moderate pace in October, following a fractional increase in the previous month. Manufacturers attributed this decline to a muted domestic economy and tariffs imposed on export goods, particularly those sold to the US.

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