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Hong Kong PMI June 2024

Hong Kong: PMI falls in June, signaling faster private-sector deterioration

The S&P Global Hong Kong SAR Purchasing Managers’ Index (PMI) fell to 48.2 in June from 49.2 in May. As a result, the index moved further below the 50.0 no-change threshold, and signaled a faster deterioration in private-sector operating conditions compared to the previous month.

The downturn in the PMI was primarily driven by a faster contraction in private sector output, which fell at the quickest pace in over two years. This decline was influenced by reduced domestic and external demand, alongside increased competition. Moreover, a reduction in new orders led to a decrease in backlogged work and a marginal drop in employment levels for the second month in a row.

On the pricing front, average input costs rose, with raw material prices and wage inflation both running at the fastest since February. Consequently, firms raised their selling prices after a slight dip in May, with the rate of output price inflation aligning with the long-run average. Finally, the level of business pessimism eased to a seven-month low.

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