The manufacturing sector in South Korea continued to contract in May, albeit at a slower rate, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 48.8.
That's up from 48.0, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
The strongest downward contribution to the headline PMI came from a further sharp reduction in new orders, which was reflective of weak demand conditions in both domestic and external markets.
That said, the rate of reduction in new export orders eased from that seen in May to the softest in the current 15-month sequence of decline. For the thirteenth consecutive month, manufacturing output also declined in May.
