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South Korea Industrial Output Falls 3.5% In October

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Industrial production in South Korea slipped a seasonally adjusted 3.5 percent on month in October, Statistics Korea said on Wednesday.

That missed expectations for a decline of 1.0 percent following the downwardly revised 1.9 percent contraction in September (originally -1.8 percent).

On a yearly basis, industrial production sank 1.1 percent – also missing forecasts for a flat reading following the downwardly revised 0.7 percent increase in the previous month (originally 0.8 percent).

The index of all industry production fell 1.5 percent on month and 2.8 percent on year.

The Manufacturing Production Index in October shed 3.6 percent on month and 1.1 percent on year. The Manufacturing Shipment Index fell 2.0 percent on month but increased 1.8 percent on year. The Manufacturing Inventory Index sank 1.4 percent on month but climbed 4.5 percent on year.

The Production Capacity Index eased 0.2 percent on month and 0.8 percent on year. The Index of Capacity Utilization Rate slumped 3.7 percent on month and was flat on year.

The Manufacturing Average Capacity Utilization Rate was 72.4 percent, down 2.7 percentage points from the previous month. The Index of Services in October shed 0.8 percent from the previous month but increased by 5.0 percent on year.

The Retail Sales Index dipped 0.2 percent on month and 0.7 percent on year. The Equipment Investment Index was flat on month but jumped 16.8 percent on year. The Domestic Machinery Shipment Index in October climbed 14.9 percent on year.

The value of Domestic Machinery Orders Received lost 5.7 percent on year. The value of Construction Completed at constant prices improved 3.8 percent on month and 8.3 percent on year. The value of Construction Orders Received at current prices tumbled an annual 40.5 percent.

The Composite Coincident Index rose 0.2 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, showed no change from the previous month.

The Composite Leading Index added 0.2 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, fell 0.1 points from the previous month.

Also on Wednesday, Statistics Korea said that the value of retail sales in South Korea was down a seasonally adjusted 0.2 percent on month in October.

That missed forecasts for a gain of 0.3 percent following the downwardly revised 1.9 percent contraction in September (originally -1.8 percent).

On a yearly basis, retail sales slumped 0.7 percent, missing expectations for a fall of 0.4 percent following the downwardly revised 0.8 percent contraction in the previous month (originally -0.7 percent).

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