South Korea PMI indicates deterioration in August
TOKYO -- Business conditions worsened to a fractional extent in the South Korean goods-producing sector at the midway point of the third quarter.
The Nikkei South Korea Manufacturing Purchasing Managers' Index, or PMI, increased to 49.9 in August from 48.3 in July, indicating another month of deteriorating manufacturing sector business conditions. A reading below 50 indicates economic contraction, while a reading above points to expansion.
"For a sixth straight month, survey data has failed to signal an expansion in South Koreaâs manufacturing sector." said Joe Hayes, economist at IHS Markit, which compiles the survey. "Notably, export orders fell at the sharpest pace in four months, with panelists reporting difficulties in acquiring new customers due to increasing global economic uncertainty. This comes despite weakness in the won," Hayes added.
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