Another less than encouraging sign for the global economy.
South Korea’s manufacturing PMI dropped into contraction at 49.8 in July
- prior was 51.3
- first time below 50 since September 2020
- South Korean manufacturers reported that strong inflationary pressures and sustained supply chain disruption had hindered production and demand
- Output fell for a fourth straight month and by the sharpest rate since October 2021
- new orders decreased for the first time in 22 months
- new export fell for the fifth month in a row