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Korea's business confidence steady at low levels in July

Business sentiments among South Korean manufacturers remained flat at low levels in July, a survey by the Bank of Korea showed Friday, with the auto industry's confidence plunging over sluggish exports. 

(Yonhap)
(Yonhap)

The monthly business survey index, an indicator of the manufacturers' outlook for the coming month, was 78 in July, flat from a month earlier, according to the BOK survey.

The index fell for a second straight month in June after rising to 83 in April.

A reading above 100 means that more companies expect business conditions to improve rather than worsen.

The auto industry's BSI slipped 10 points on month to 65, marking its lowest level in 10 months.

The BOK attributed the sharp decline in the auto industry's confidence to sluggish exports and plans by some carmakers to stage a strike.

Unionized workers at Hyundai Motor Co. and its affiliate Kia Motors Corp. recently voted to go on strike. (Yonhap)

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