South Korean manufacturers most optimistic in seven months -central bank survey
5:05 pm Wednesday, July 26th, 2023
SEOUL (Reuters) – South Korean manufacturers’ business optimism in August hit its highest level in seven months, a central bank survey showed on Thursday, as concern about raw material prices eased.
The business outlook index for August rose to 71 on a seasonally adjusted basis from 69 for July, according to the Bank of Korea’s monthly survey of companies.
That is the index’s highest reading since January, although still well below the two-decade average of 81.
Manufacturing firms were less concerned about raw material prices than in the previous month, the survey showed, but worries grew over uncertain economic conditions and weak demand at home as well as overseas.
A separate index for non-manufacturers fell to 77 from 78, which was the highest reading since October 2022.
(Reporting by Jihoon Lee; editing by Jason Neely)
