Hong Kong: Business conditions deteriorate to lowest level in nearly a year in May
June 5, 2014
The HSBC Purchasing Managers Index (PMI) fell from 49.7 in April to 49.1 in May. May’s print represented the lowest level since June 2013. The PMI is resting just below the 50-threshold that separates expansion from contraction in business conditions.
According to HSBC, May’s figure mainly reflected a broad-based deterioration, with both output and new business contracting in May. New business from Mainland China recorded a significant fall, thus suggesting that, “the slowdown in Mainland China is now feeding through to Hong Kong.” In addition, businesses reduced staffing for the second consecutive month.