Korea: Manufacturing PMI improves in November
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose to 52.9 in November from October’s 51.2, marking the highest reading since February 2011 and remaining above the 50-threshold that separates an improvement from a deterioration in the manufacturing sector over the previous month.
The reading was led by faster rises in output and new orders, with the former increasing at the fastest pace since April 2013, supported by improved activity both internally and externally. Moreover, employment stabilized in November after an 18-month streak of declines. On the price front, input costs continued to rise, with firms partially offsetting the impact through higher output prices.
On November’s result, Usamah Bhatti, economist at IHS Markit, commented:“November data provided a further signal that the South Korean manufacturing sector continued to recover well following earlier Covid-19 related disruption.”On the outlook, he added:“South Korean manufacturers reported a significantly optimistic outlook for activity over the coming 12 months.”