Hong Kong: PMI hits highest reading since May 2022 in February
The S&P Global Purchasing Managers’ Index (PMI) rose to 53.9 in February from January’s 51.2. February’s result marked the best reading since May 2022. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month.
February’s reading was driven by an acceleration in demand growth, a record rise in foreign orders, and increased hiring and buying activity. New orders rose at the fastest pace since January 2011, business confidence was at a near-decade high, while supply constraints and price pressures eased. The loosening of Covid-19 restrictions at home and in mainland China supported the more buoyant picture in February.