The manufacturing sector in South Korea continued to contract in March, and at a faster pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 47.6.
That's down from 48.5 in February and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
March data indicated an eleventh consecutive monthly decrease in output at South Korean manufacturers. Panel members largely attributed the decline to muted domestic and external demand conditions. As a result, the rate of reduction was the steepest recorded for five months.
At the same time, manufacturing companies registered a quicker reduction in new orders that was the fastest for three months. A number of firms mentioned that sustained economic weakness and poor client confidence had placed downward pressure on sales.
