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Financial News: Hong Kong Private Sector Accelerates In August -

Hong Kong Private Sector Accelerates In August - Markit

09/02/2021 - 20:45:00 (RTTNews)

(RTTNews) - The private sector in Hong Kong continued to expand in August, and at a faster pace, the latest survey from Markit Economics showed on Friday with a PMI score of 53.3.

That's up from 51.3 in July, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Hong Kong SAR's private sector expanded at the fastest pace in seven-and-a-half years, reflecting better economic conditions amid the stabilization of COVID-19 conditions. Business confidence improved alongside higher demand and business activity in August. That said, COVID-19 disruptions to supply chains sustained, leading to the lengthening of delivery times and higher prices in August.

Output and new orders both increased for the fifth straight month and at rates which were each multi-year highs. Panelists commonly associated the pickup in business activity with better economic activity amid low COVID-19 infections, in addition to the boost from the distribution of consumption vouchers.

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