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South Korea Manufacturing Contraction Eases In December

South Korea's manufacturing activity decreased at a slower rate in December, as inflationary pressures eased and business confidence improved, data from IHS Markit showed on Wednesday.

The headline IHS Markit manufacturing purchasing managers' index rose to 49.8 in December from 48.6 in November.

A reading below 50 indicates a contraction in the sector. The Korean manufacturing sector shrunk for a second straight month.

Among the components, domestic and foreign sales fell in December, while the employment declined at a faster rate. Output decreased for a second straight month.

On the price front, selling prices were reduced and the operations costs increased at a weaker pace.

Business confidence improved to a six-month high.

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