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Korea PMI September 2022

Korea: Manufacturing PMI eases in September

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 47.3 in September from August’s 47.6. September’s result marked the worst performance since July 2020. As a result, 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.

The decline of the PMI deeper into contractionary territory in September was driven by contractions in output, new orders and input purchases. This came against a backdrop of slowing economic momentum at home and abroad. More positively, softer demand also appeared to reduce pressure on supply capacity, with delivery times, backlogs and input and output inflation all moderating in September. Moreover, employment levels continued to remain stable.

S&P Global’s Usamah Bhatti said:

“Brought all together, the immediate outlook for the South Korean manufacturing sector appears bleak. External factors such as the weakening global economy will certainly challenge goods producers’ order books, while also keeping pressure on the won – thus pushing up imported inflation – as the dollar benefits from its safe haven status.”

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