Posted on 09/01/2013 8:06:13 PM PDT by TexGrill
(Reuters) - South Korea's manufacturing sector activity contracted for the third consecutive month in August albeit at a slower pace than July, a private survey showed on Monday, showing that growth momentum in Asia's fourth-largest economy remains elusive.
The HSBC/Markit purchasing managers' index (PMI) on South Korea's manufacturing sector edged up to a seasonally adjusted 47.5 in August from a 10-month low of 47.2 in July, Markit Economics said in a statement.
The index has remained below the 50-point mark separating expansion from contraction in manufacturing activity since June.
The sub-index on new export orders fell to a seasonally adjusted 45.1, the lowest in four and a half years, from 47.5 in July, suggesting that the sector's activity will remain subdued in September.
"Those panel members reporting a decline reasoned that this was largely due to the global economic slowdown," Markit Economics said in a statement. "A number also mentioned the negative impact of production localisation, particularly in China. In addition, political instability in Egypt was highlighted by some firms as reducing export demand from the Middle East."
(Excerpt) Read more at uk.reuters.com ...
Maybe they should have let North Korea shut down that special zone and relocate those jobs to South Korea?
Please tell them to stop. We already have enough shrinks.
Oh, I thought you said they were manufacturing shrinks for the third world. Dunno where my head was at.
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