S. Korean manufacturing activity hits 7-month low in July
South Korea’s manufacturing activity reached a seven-month low in July amid the spread of the delta coronavirus variant here, a global market researcher said Monday.
The purchasing managers’ index (PMI) of the country’s manufacturing industry came to 53 last month, down 0.9 point from the previous month, according to a survey by IHS Markit.
It marks the lowest point since December, though July is the 10th straight month that the index has remained the 50-point mark that separates contraction from expansion.
IHS Markit said South Korea’s manufacturing index hit a seven-month low in July as new orders slowed down due to the resurgence of coronavirus infections and a subsequent supply-chain bottleneck.
The country’s coronavirus daily caseload has remained above 1,000 since July 7 due to a nationwide resurgence amid (increasing summer-vacation travel and the spread of the highly contagious delta variant.
IHS Markit also said South Korean manufacturing sector’s outlook for the next 12 months has also touched a seven-month low in July. (Yonhap)