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Financial News: Hong Kong PMI Falls Into Contraction - S&P

Hong Kong PMI Falls Into Contraction - S&P Global

02/04/2024 - 20:08:00 (RTTNews)

(RTTNews) - The private sector in Hong Kong slipped into contraction in January, the latest survey from S&P Global showed on Monday with a PMI score of 49.9.

That's down from 51.3 in December and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.

Hong Kong SAR private sector firms saw lower new business at the start of the year. This included new orders from abroad and mainland China with soft economic conditions, both domestically and externally, dampening sales. The rates at which new export orders and new business from China declined were sharper than in December, outlining a deterioration in demand conditions.

That said, private sector output continued to grow in January, albeit only marginally. Firms worked through their existing orders at the start of the year, leading to a fourth monthly depletion in the level of backlogged work across the Hong Kong SAR private sector.

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