Korea: Manufacturing PMI picks up in January
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 48.5 in January, up from December’s 48.2. Consequently, the index moved closer to the 50.0 no-change threshold, signaling a softer deterioration in manufacturing sector operating conditions compared to the previous month.
The manufacturing PMI remained in contractionary territory in January as output fell at the sharpest rate since October 2022. This was due to weak demand, with new orders falling sharply as a result of flagging global economic growth and high inflation. More positively, employment levels rebounded in January. Moreover, business sentiment rose to a four-month high in anticipation of an improvement in the world economy. Looking at prices, input inflation fell to the lowest since December 2020, while output inflation accelerated from December.