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South Korea Industrial Production Jumps 5.4% On Month In September

Industrial output in South Korea climbed a seasonally adjusted 5.4 percent on month in September, Statistics Korea said on Friday.

That beat expectations for an increase of 3.0 percent following the upwardly revised 0.3 percent contraction in August (originally -0.7 percent).

On a yearly basis, industrial production jumped 8.0 percent - again exceeding expectations for a gain of 1.7 percent following the upwardly revised 2.6 percent decline in the previous month (originally -3.0 percent).

For the third quarter of 2020, industrial production was up 5.7 percent on quarter and 0.9 percent on year.

The Index of all industry production in September increased 2.3 percent on month and 3.4 percent on year.

The Manufacturing Production Index added 5.9 percent on month and 8.3 percent on year. The Manufacturing Shipment Index jumped 7.5 percent on month and 6.9 percent on year. The Manufacturing Inventory Index fell 2.5 percent on month but increased 0.2 percent on year.

The Production Capacity Index added 0.7 percent on month and 1.9 percent on year. The Index of Capacity Utilization Rate jumped 6.0 percent on month and 4.2 percent on year. The Manufacturing Average Capacity Utilization Rate was 73.9 percent, which increased by 4.2 percentage points from the previous month.

The Index of Services rose 0.3 percent on month but was flat on year. The Retail Sales Index gained 1.7 percent on month and 4.4 percent on year.

The Equipment Investment Index climbed 7.4 percent on month and 16.8 percent on year. The Domestic Machinery Shipment Index jumped 11.7 percent on year. The value of Domestic Machinery Orders Received surged 22.9 percent on year.

The value of Construction Completed at constant prices advanced 6.4 percent on month and 6.3 percent on year. The value of Construction Orders Received at current prices increased 2.0 percent on year.

The Composite Coincident Index in September gained 0.4 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, increased by 0.3 points from the previous month.

The Composite Leading Index in September increased by 0.7 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, increased by 0.4 points from the previous month.

Also on Friday, Statistics Korea said that the total value of retail sales in South Korea was up a seasonally adjusted 1.7 percent on month in September. That was higher than forecasts that suggested an increase of 1.5 percent following the 3.0 percent jump in August.

On a yearly basis, retail sales advanced 4.4 percent - again exceeding expectations for a gain of 4.0 percent following the 0.3 percent increase in the previous month.

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