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Hong Kong PMI January 2023

Hong Kong: PMI picks up in January, comes in above the no-change threshold

The S&P Global Purchasing Managers’ index (PMI) came in at 51.2 in January, up from December’s 49.6. As such, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in private-sector operating conditions from the previous month.

China’s departure from its Zero-Covid-19 policy was likely behind the PMI reading. New orders saw the quickest increase since July. Meanwhile, employment rose at the fastest pace since June. The improvements were also felt in shortened delivery times and higher stocks of purchases. Less positively, both input and output price inflation persisted in the month. Wages increased at the fastest pace in nine years and exerted upward pressure on prices.

Jingyi Pan, economics associate director at S&P Global Market Intelligence, commented:

“Demand for Hong Kong SAR goods and services notably saw a renewed increase, boosting stronger business activity expansion, input acquisition and hiring within the private sector. The surge in business confidence to a survey record high further outlined the expectation for better near-term performance. This is while supply constraints eased as indicated by the shortening of lead times, which also bodes well for Hong Kong SAR private sector firms.”

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