South Korea’s factory activity shrank at a steeper pace in June and extended its downturn to a record 12th consecutive month, a survey showed on Monday, underlining the challenges facing the economy as it struggles to mount solid recovery.
There were some improvements on the inflation and supply chain fronts, but they were mostly due to weaker demand. Input price inflation was the softest in its rising streak that began in July 2020, while suppliers’ delivery times shortened by the most since May 2013.
Output prices fell for a second month, as cost pressures eased, though there was also evidence that they were reduced in an effort to stimulate sales.“PMI survey data for June indicated that operating conditions in the South Korean manufacturing sector remained muted at the midpoint of 2023,” said economist Usamah Bhatti at S&P Global Market Intelligence.
“Business confidence eased to the weakest in 2023 to-date amid concerns that the current economic malaise would be more prolonged than previously expected,” Bhatti said. Manufacturers’ optimism for future output fell in June to the lowest level since December 2022, a sharp U-turn from hitting a 10-month high in May.Subscribe to our daily newsletter
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘The Roundup, ‘Elemental’ lead top-grossing films in South Korea in JuneThe Korean Film Council (KOFIC) released the list of the top-grossing films in South Korea for the month of June. ManilaBulletin
Read more »
Gilas Women bows to South Korea, places 6th in FIBA Asia CupThe Gilas Pilipinas Women’s National Team played catch up until the last four minutes before they took a 71-80 loss
Read more »
South Korea LGBT festival proceeds, bumped from prime spot by Christian groupThis year's march begins hundreds of meters from Seoul's city hall, surrounded by onlookers and anti-LGBT protesters.
Read more »
Solidum leads PH at the 12th Informal ASEAN Ministerial Meeting on STI in BruneiDepartment of Science and Technology (DOST) Secretary Renato U. Solidum Jr. led the country at the recently-concluded 12th Informal ASEAN Ministerial Meeting on Science, Technology, and Innovation (STI) in Brunei. ManilaBulletin
Read more »
Magandang Dilag: Full Episode 5 (June 30, 2023)Aired (June 30, 2023): Gigi's (Herlene Budol) life will be put at risk, and because of this, she will see a familiar person who became a part of her student life, Eric (Benjamin Alves). GMANetwork GMADrama Kapuso
Read more »