31 August 2012 04:24 [Source: ICIS news]
“Production fell solidly at manufacturing firms in
“The pace of contraction was the fastest recorded since December 2011. Panellists attributed lower production to the global economic slowdown,” HSBC said.
The HSBC South Korea PMI registered 47.2 in July, down from 49.4 in June, indicating a further deterioration in the health of the manufacturing sector.
PMI readings above 50.0 signal an improvement in business conditions, while readings below 50.0 signal deterioration.
The South Korea PMI also showed that new orders in July declined at the fastest rate since last December, while new export business decreased for the second straight month amid reports of a downturn in the international economic climate.
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