SEOUL – South Korea’s factory activity weakened at a faster pace in August, extending its longest-ever slump by another month as export orders fell again, a private business survey showed on Friday.
The purchasing managers index (PMI) for South Korean manufacturers, compiled by S&P Global, stood at 48.9 in August on a seasonally adjusted basis, down from a 12-month high of 49.4 in July.
The sub-50 reading meant activity contracted for the 14th straight month, the longest downturn in the survey’s history stretching back to April 2004.
Sub-indexes showed new export orders swung back to contraction, after their first increase in 17 months in July, keeping overall orders and…
Keep on reading: South Korea factory activity shrinks at quicker pace in August – PMI
