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Korea PMI February 2024

Korea: Manufacturing PMI shows resilience amid rising costs

The S&P Global South Korea Manufacturing Purchasing Managers’ Index (PMI) declined to 50.7 in February from 51.2 in January. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in manufacturing sector operating conditions compared to the previous month.

February’s result was due to sustained, albeit softer, increases in production and new orders. Additionally, employment levels rose notably in response to heightened capacity pressures.

On the financial side, output prices rose at the strongest rate since last November. This inflation in input costs, attributed to higher raw material prices and currency weakness, pushed output charge inflation to a three-month high. Despite these challenges, business sentiment within the South Korean manufacturing sector remained positive.

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