Korea: Business confidence among manufacturing businesses roams deeper into negative territory in August
Business confidence among manufacturing firms came in at 92.0 in August, down from July’s 99.0. As a result, the index moved further below the 100-point threshold, separating pessimism from optimism among businesses.
Looking at the details of the release, sentiment deteriorated for both domestic and export-oriented firms amid a new spark in Covid-19 cases at home and abroad. Meanwhile, businesses’ views on profitability were back at this year’s minimum, and below its long-term average—from January 2003 to December 2020. That said, firms remained rather upbeat regarding raw material purchase prices.