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S Korea Jan factory activity grows at fastest pace in 6 months- PMI

SEOUL : South Korea’s factory activity grew at the sharpest pace since July final yr as output and new order picked up however persistent provide chain woes weighed on the outlook, a private-sector survey confirmed on Thursday.

The IHS Markit buying managers’ index (PMI) jumped to 52.8 in January in seasonally adjusted phrases from 51.9 in (*6*), remaining above the 50-point mark that signifies enlargement in activity for a sixteenth consecutive month.

New export orders for South Korean manufactured items returned to expansionary territory of fifty.4 from 49.5 in (*6*) with bettering demand from the United States, Europe and China, in an indication international commerce will proceed to get well from the pandemic.

Output volumes rose for the primary time in 4 months in January, because of elevated new orders.

“South Korean manufacturers entered 2022 with the strongest improvement in operating conditions for six months. The improved reading of the Manufacturing PMI came as firms reported a renewed rise in output and the sharpest improvement in new order inflows since July,” stated Usamah Bhatti, an economist at IHS Markit, in a notice accompanying the info.

“That said, supply chain disruption continued to hold back a stronger recovery in activity and demand in the manufacturing sector.”

The survey stated a stronger restoration was held again by sustained materials shortages and the influence of the Omicron variant.

In an indication of provide chain disruption, suppliers’ supply occasions deteriorated for the twenty seventh month in a row.

A sub-index on job progress confirmed employment expanded for a second successive month in January, with corporations reporting that extra orders inspired them to rent further employees.

(Reporting by Cynthia Kim; Editing by Sam Holmes)

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