Korea's Manufacturing Index Improves Slightly
Dec 2, 2013, 05:54 IST
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The HSBC South Korea Purchasing Managers' IndexTM (PMI® ) - a composite indicator designed to provide a single-figure snapshot of the health of the manufacturing sector - rose marginally to 50.4 in November, up from 50.2 in October, signaling a slight improvement in operating conditions. Whilst the PMI posted only just above the 50.0 no-change mark separating growth from contraction, this was nevertheless the highest reading in six months. Output growth slowed to virtual stagnation in November, as the seasonally adjusted Index registered only fractional growth. That said, the Index posted above the 50.0 no-change mark for the second successive month, following a four-month sequence of readings signaling contraction. Respondents cited increased smartphone sales and improvements in the automobile industry due to the settlement of strikes as key drivers.