Financial News: Hong Kong Private Sector PMI Falls To 49.4

Hong Kong Private Sector PMI Falls To 49.4 - S&P Global

09/03/2024 - 21:53:00 (RTTNews)

(RTTNews) - The private sector in Hong Kong continued to contract in August, and at a faster pace, the latest survey from S&P Global revealed on Wednesday with a PMI score of 49.4.

That's down from 49.5 in July and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Business activity in the Hong Kong SAR private sector fell modestly as new orders contracted again in August. Subdued market conditions and reduced spending at clients dampened demand, with firms in the manufacturing sector experiencing the sharpest downturn.

That said, the rates of contraction for both output and new orders eased in August. Moreover, new business inflows from Mainland China and abroad both increased in the latest survey period, with the latter rising for the first time since last October.

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