Financial News: Hong Kong Private Sector Ebbs In November

Hong Kong Private Sector Ebbs In November

12/03/2024 - 19:44:00 (RTTNews)

(RTTNews) - The private sector in Hong Kong continued to expand in November, albeit at a slower pace, the latest survey from S&P Global showed on Tuesday with a PMI score of 51.2.

That's down from 52.2 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Business activity growth was sustained for a second straight month as new business inflows expanded, with better local client interests and business development efforts bearing fruit. The wholesale & retail segment experienced the quickest expansion in both new business and activity.

That said, rates of output and new business growth across the private sector eased from October as export demand softened. Incoming new business from mainland China and abroad both fell in November, with anecdotal evidence pointing to reduced client budgets and rising competition.

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