SEOUL, (Reuters) – South Korea’s factory activity shrank at the fastest pace in four months in June as the global trade slowdown deepened, prompting companies to cut back production and shed more jobs, a business survey showed on Monday.
New export orders contracted for the 11th straight month, the longest decline on record, which will likely add to pressure on the central bank to cut interest rates soon to reduce the risks of a recession.
Nikkei/Markit - Purchasing - Managers - Index - PMI
The Nikkei/Markit purchasing managers’ index (PMI) fell to 47.5, from 48.4 in May, marking the seventh decline in the past eight months.
The headline index dropped further below the 50-point level that separates growth from contraction, with major sub-indexes extending their weakness.
Orders - Home - Month - Demand - Auto
Total new orders from at home and abroad contracted for an eighth consecutive month, led by cooling demand from the key auto and electronics sectors. Fallout from the U.S.-China trade war was...
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