S&P Global: S. Korean manufacturing PMI falls to 48.3% in Sep. ’24

The South Korean manufacturing sector experienced a downturn at the end of the third quarter, with both output and new orders declining at a more significant pace compared to previous months.

The seasonally adjusted S&P Global South Korea Manufacturing Purchasing Managers’ Index (PMI) fell from 51.9 in August to 48.3 in September 2024, indicating a renewed deterioration in the sector’s health.

Key factors contributing to the contraction included weak domestic demand, low consumer confidence, and a decline in new export orders. These factors led to reduced output volumes and a subsequent reduction in factory employment.

Attribution: S&P Global report

Subediting: Y.Yasser