Korea: Manufacturing PMI falls in March
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 47.6 in March, down from February’s 48.5. 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.
The manufacturing PMI moved deeper in contractionary territory as output fell at the sharpest rate in five months and new orders in three months. Flagging global economic growth continues to weigh on the sector. Adding to the gloom, firms cut their headcounts and input and output inflation accelerated. One ray of light came from business sentiment, which rose to the highest since July 2022 on hopes that the global economy will strengthen and inflation weaken in the year ahead.