South Korea’s industrial activity was unchanged in July from the previous month as weakness in services and construction offset modest gains in manufacturing, according to data released Monday by the Ministry of Data and Statistics (MODS). All-industry production was flat month on month but rose 3.1% from a year earlier, while mining and manufacturing output increased 0.2% from June. Services production fell 1.3% and construction output declined 1.1%.

The divide was sharper across domestic demand and investment. Retail sales fell 2.4% from June, while facilities investment increased 7.5% as spending on machinery and transport equipment rose. Manufacturing inventories increased 2.1%,