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Financial News: Hong Kong PMI Eases To 52.3 In July

Hong Kong PMI Eases To 52.3 In July - S&P Global

08/02/2022 - 21:20:00 (RTTNews)

(RTTNews) - The private sector in Hong Kong continued to expand in July, albeit at a fractionally slower pace, the latest survey from S&P Global showed on Wednesday with a PMI score of 52.3.

That's down from 52.4 in June although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Continued stabilization of the post-pandemic economy supported growth in both demand and business activity and drove overall sector improvement. To cater to current and anticipated demand levels, firms increased levels of purchasing activity and expanded inventories.

However, workforce numbers recorded a renewed decline amid reports of staff shortages and voluntary leavers. Firms mentioned adjusting wages in a bid to maintain and attract staff. As such, staff expenditure increased in July. Concurrently, the cost of purchases rose, reportedly stemming from higher transport and raw material prices.

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