SoKor’s factory activity gains fastest momentum in February

February had seen South Korea’s factory activity accelerating at its most rapid pace in almost 11 years, a private poll showed on Thursday. In turn, the impressive expansion in production and new orders greatly supported the recovery in the manufacturing-heavy economy.

The IHS Markit purchasing managers’ index (PMI) placed at 55.3 in February, jumping from its 53.2 record monitored in January. The reading came to be the strongest figure since 2010, placing milder than the index’s record of 57.1 that year. More so, it remained above the 50 threshold that separates growth from decline.   

The underlying index for output was read at 57.2, marking its sixth month of growth and the largest jump since 2010. New orders also increased, with new export orders recording five straight months of growth even after they dwindled the previous month.