South Korea November data:
- industrial output s/adj +0.4% m/m (expected -0.8%, prior -1.7%)
- industrial output -3.7% y/y (expected -4.0%)
- service sector output s/adj -0.6% m/m
- retail sales s/adj -1.8% m/m, a third consecutive monthly drop
South Korea is often referred to as a bellwether for the global economy. The rebound in IP in November is welcome, but I’d suggest that with COVID cases surging in China, and associated disruption to staffing and therefore activity there, the next few months are likely to be rocky.
Earlier re China:
