In South Korea, business activity in manufacturing grew at the fastest pace in four months in September. The S&P Global Purchasing Managers’ Index (PMI) rose to 53.9 points from 52.3 points in August. The indicator has remained above the 50-point mark, which separates expansion from contraction, for the tenth consecutive month.
According to Channel NewsAsia, citing Reuters, export demand grew at the fastest pace in 15 and a half years. A notable strengthening of demand was recorded in European and Asian markets.
Output grew at the fastest pace since March 2021, while new orders increased at the fastest rate since February 2021. According to the survey, new export orders posted their largest increase since March 2011.
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S&P Global Market Intelligence economist Usamah Bhatti said that growth rates for new orders and production reached their highest levels in around five and a half years. According to him, survey participants often linked the upturn to the combined strength of the semiconductor and automotive sectors.
Manufacturers’ optimism about the outlook for the next 12 months rose to an eight-month high in September.
Source: UA
