South Korea's May factory activity contracts at fastest rate since 2009

Factory production fell at the second-fastest pace on record."Output and new orders continued to sink at rates not seen since the global financial crisis... The export component of the survey also showed another unprecedented monthly decline in overseas demand," IHS Markit economist Joe Hayes said

SEOUL: South Korea's manufacturing activity shrank at the sharpest pace in more than a decade in May, as worldwide lockdowns continued to weigh on demand and production, dashing hopes of a near-term recovery from the coronavirus crisis.

The IHS Markit purchasing managers' index (PMI) edged down to 41.3 in May, the lowest since January 2009 and below 41.6 in April.