Financial News: Hong Kong Private Sector PMI Ticks Higher In

Hong Kong Private Sector PMI Ticks Higher In July - S&P Global

08/04/2024 - 21:25:00 (RTTNews)

(RTTNews) - The private sector in Hong Kong continued to contract in July, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a PMI score of 49.5.

That's up from 48.2 in June, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Private sector output declined for a third consecutive month in July, as subdued market conditions and rising competition affected Hong Kong SAR private sector firms. Sub-sector data further showed that output fell the quickest in the manufacturing sector. That said, the pace at which overall business activity contracted eased from June, which was the fastest for over two years, to a marginal rate. This was in tandem with a softer reduction in new orders.

New business from abroad also shrank at a slower and only marginal rate in July, while new business from Mainland China rose for the first time in a year. Improvements for the latter were attributed to business development efforts bearing fruit according to panelists.

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