Financial News: Hong Kong Private Sector Slumps In February -

Hong Kong Private Sector Slumps In February - S&P Global

03/04/2024 - 19:49:00 (RTTNews)

(RTTNews) - The private sector in Hong Kong continued to contract in February, and at a faster pace, the latest survey from S&P Global revealed on Tuesday with a PMI score of 49.7.

That's down from 49.9 in January and it moves further beneath the boom-or-bust line of 50 tat separates expansion from contraction.

New business placed at Hong Kong SAR private sector firms decreased for a second straight month in February and at the fastest rate since last September. Likewise, new orders from abroad and mainland China continued to decline midway into the first quarter. Anecdotal evidence suggested that increased competition, worsening demand conditions and shrinking customer bases were reasons for the latest fall in new work.

As a result of the reduction in new business, activity fell for the first time in three months. Firms in the manufacturing sector experienced the sharpest decline in output according to sub-sector data.

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