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Financial News: Hong Kong Private Sector Falls Into Contraction -

Hong Kong Private Sector Falls Into Contraction - S&P Global

06/04/2024 - 20:37:00 (RTTNews)

(RTTNews) - The private sector in Hong Kong slipped into contraction territory in May, the latest survey from S&P Global revealed on Wednesday with a PMI score of 49.2.

That's down from 50.6 in April, and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.

Business activity contracted for the third time in four months, underpinned by a reduction in new business. The rates at which output and orders declined were both the fastest since September 2022. According to survey respondents, rising competition and subdued economic conditions affected sales in May. The construction sector recorded the sharpest downturn in new business, whilst manufacturers led the fall in output according to detailed sub-sector data.

Export conditions deteriorated with both new business from mainland China and abroad falling solidly according to the latest survey. Weak underlying demand conditions were behind the downturn according to panelists.

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