South Korea’s factory activity shrank in July for the first time in nearly two years

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

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