South Korea's factory activity shrank at the fastest pace in four months in...
SEOUL, - 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.
The headline index dropped further below the 50-point level that separates growth from contraction, with major sub-indexes extending their weakness. “Panellists reported that is taking its toll on their businesses, weighing on demand for goods and subsequently leading to cuts in production,” said Joe Hayes, an economist at IHS Markit.
Worried that the Sino-U.S. trade dispute will drag on, South Korean manufacturers were only slightly optimistic of a pick-up in production in the next 12 months, the survey showed.
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