SEOUL, Nov 2 (Reuters) – South Korea’s factory activity grew in October at the slowest pace in eight months on weaker output and demand, a survey showed on Monday.
• The purchasing managers index (PMI), published by S&P Global, stood at 51.3 in October, down from 53.9 in September and the lowest since February. The index remained above the 50 mark separating expansion from contraction for an 11th consecutive month.
• “October PMI data showed sharp slowdowns in output and new order growth, with production rising at its weakest pace in the year so far. Firms frequently cited slowing demand, raw material shortages and high costs as drags on performance,” said Usamah Bhatti, economist at S&P Global Market Intelligence.
• Output growth was the slowest in 10 months, while the increase in new orders was the least in four months, with some firms noting softer demand for automobiles.
• International sales were supported by demand from the Asia-Pacific region, but US demand was relatively subdued.
• Asia’s fourth-largest economy grew 1.0% in the third quarter, beating market expectations, as a global AI chip boom boosted exports and investments.
(Reporting by Jihoon Lee; Editing by Sam Holmes)
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