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Korea PMI August 2023

Korea: Manufacturing activity deteriorates more sharply in August

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 48.9 in August from July’s 49.4. Consequently, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in manufacturing sector operating conditions compared to the previous month.

Output and new orders declined for the 16th and 14th consecutive month, respectively, the longest declines in survey history. Activity likely continued to be weighed on by the lagged effects of past rate hikes plus lethargic growth in Korea’s key trading partners. More positively, employment was stable. In addition, despite input prices rebounding, output prices continued to fall. Finally, business sentiment rose to a 14-month high.

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