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Korea PMI February 2023

Korea: Manufacturing PMI unchanged in February

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 48.5 in February, matching January’s reading. As a result, the index remained below the 50.0 no-change mark, signaling a continued deterioration in manufacturing sector operating conditions from the previous month.

The manufacturing PMI remained in contractionary territory as output fell at a broadly similar rate as in the prior month. This was due to weak demand, with new orders falling again as a result of flagging global economic growth and high inflation. Adding to the gloom, weak business activity led firms to cut their headcounts. More positively, firms’ sentiment rose to a five-month high as they anticipated an improvement in the world economy. In addition, input and output inflation fell in the month.

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