Korean manufacturers' confidence hits 17-month high for November

South Korean manufacturers' business sentiment for November rose to the highest level in 17 months as the local economy is on the recovery track, the central bank said Wednesday. The index that gauges manufacturers' outlook on business conditions reached 83 for November, up from 82 recorded for October, according to a monthly survey from the Bank of Korea (BOK). The index measures manufacturers' expectations for the coming month. The November data marked the highest level since 85 tallied for June 2012, the central bank said. A reading below the benchmark 100 means pessimists outnumber optimists. The index is based on a nationwide survey of 2,588 companies that was conducted Oct. 16-23. The index gauging manufacturers' assessment of current business conditions came in at 81 in October, up from 75 in September, and the highest since June 2012, it added. A BOK official said that tech firms and automakers were found to have rosier business outlooks in the survey. The Korean economy grew 1.1 percent on-quarter in the third quarter, the same pace as in the previous quarter, on improving domestic demand and a pickup in facility investment. The index measuring larger firms' outlook on business conditions reached 86 for November, up from 83 recorded for October. The index gauging exporters for November remained unchanged at 86, the BOK added. Non-manufacturers' business confidence remained largely sluggish, compared with that of manufacturers. The index gauging non-manufacturers' outlook on business conditions reached 70 for November, down from 72 recorded for October, it noted.