Another less than encouraging sign for the global economy.

South Korea’s manufacturing PMI dropped into contraction at 49.8 in July

• prior was 51.3
• first time below 50 since September 2020
• South Korean manufacturers reported that strong inflationary pressures and sustained supply chain disruption had hindered production and demand
• Output fell for a fourth straight month and by the sharpest rate since October 2021
• new orders decreased for the first time in 22 months
• new export fell for the fifth month in a row