(RTTNews) - The manufacturing sector in South Korea continued to contract in November, albeit at a slower pace, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 49.0.
That's up from 48.2 in October, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
November data was indicative of a seventh consecutive monthly decrease in output at South Korean manufacturing firms. Panel members largely attributed the decline to muted demand conditions, both domestically and internationally.
The rate of reduction, however, was the weakest in the current negative sequence amid reports of the manufacture of new products and an easing in supply chain disruptions. Amid some positive reports of a sustained COVID-19 recovery, manufacturing companies registered the softest reduction in new orders in four months.
