The manufacturing sector in South Korea continued to contract in June, and at a faster pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 47.8.
That's down from 48.4 in May and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Contributing to the weaker headline reading was a fourteenth consecutive monthly decrease in production volumes. The rate of decline was solid and the strongest seen since October 2022. Lower output levels were frequently linked to the sustained weakness in economic conditions.
Order book volumes declined further in June, extending the current sequence of decline to a year. The rate of reduction was sharp and the strongest recorded in 2023 so far. Subdued demand reportedly stemmed from a weak domestic economy and sluggish international economic conditions.
