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Financial News: Hong Kong Private Sector PMI Improves To 49.3

Hong Kong Private Sector PMI Improves To 49.3 In October - S&P Global

11/02/2022 - 20:50:00 (RTTNews)

(RTTNews) - The private sector in Hong Kong continued to contract, albeit at a slower pace, the latest survey from S&P Global showed on Thursday with a PMI score of 49.3.

That's up from 48.0 in September, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Lower private sector output was recorded for a second month running in October, underpinned by weaker demand for Hong Kong SAR goods and services. An amalgamation of deteriorating economic conditions and lingering COVID-19 effects led to a poorer demand picture according to panelists. That said, the rates of decline eased from September.

Incoming new orders from abroad likewise fell but at a slower rate compared to the prior month. That was not the case for demand from Mainland China, however, as incoming new business from Mainland China fell at a faster pace in October.

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