world-economy

South Korea's Inflation Cools Below 3% as US Manufacturing Surges

South Korea's consumer inflation dropped below 3% in July, providing relief to policymakers after June's spike to levels not seen since late 2023. U.S. manufacturing activity expanded at its fastest pace since 2022, driven by robust demand and increased production. American factories added workers during the period, signaling continued economic resilience despite a modest 1.5% annualized GDP growth rate in spring. Consumer spending remained steady despite the slowdown. Energy costs continued pressuring logistics networks, with California diesel prices elevated following geopolitical tensions. Industry watchers note shifting patterns in South Korean shipping orders away from container vessels.