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Business Sentiment Worsens in June on Inflation, Slowdown Woes

Written: 2022-06-30 08:52:46Updated: 2022-06-30 11:04:04

Business Sentiment Worsens in June on Inflation, Slowdown Woes

Photo : YONHAP News

Business sentiment worsened in June due to concerns about soaring prices and economic slowdown.

 According to the Bank of Korea(BOK) on Thursday, the business survey index(BSI) for all industries stood at 82 for June, down four points from the previous month.

A reading below 100 means pessimists outnumber optimists.

It marks the first fall after rising to 86 in April and staying flat in May.

The BSI for manufacturers dropped three points on-month to hit 83 in June. The BSI for non-manufacturers, which includes restaurants, wholesalers and retail businesses, also slipped by four points to 82.

The central bank attributed the worsened BSI to the rise in prices of raw materials and logistics costs amid the continued war in Ukraine and concerns about a possible economic slowdown from soaring prices and key rate hikes in major economies.

Meanwhile, local firms' business outlook for July plunged by five points on-month, coming in at 82.

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