South Korea's factory activity grew for a 10th straight month in July, driven by a solid expansion in production and new orders, though supply-chain disruptions continued to add strains on manufacturers, with both input and output prices rising.
The IHS Markit purchasing managers' index for July stood at 53.0, slipping from 53.9 in June but holding above the 50-mark, which indicates an expansion in activity."South Korean manufacturers continued to report a sustained improvement in operating conditions at the start of the second half of the year as production levels continued to expand," said Usamah Bhatti, economist at IHS Markit.
To meet the increased production, firms continued to raise staffing levels for another month, though the rate was the softest in five months. Monday's survey showed that raw material shortages and delivery delays continued, leading to a further increase in input prices. That also put firms under pressure to pass higher costs on to their clients.
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