Hong Kong: Private-sector PMI deteriorates in June
The S&P Global Purchasing Managers’ Index (PMI) came in at 50.3 in June, down from May’s 50.6. June’s result marked the weakest reading since December 2022 and the fourth straight monthly slowdown. As a result, the index remained above the 50.0 no-change threshold, pointing to a continued, albeit moderating, improvement in private-sector operating conditions from the previous month.
June’s reading reflected slower growth in new orders and new export orders, and a contraction in employment. However, business sentiment picked up, while cost pressures were subdued. While Hong Kong’s economy continued to benefit from a recovery in visitor arrivals, PMI data suggests that the rate of economic growth is tapering off as the gains from the pandemic reopening fade and activity in mainland China slows.