Hong Kong Private Sector PMI Slides In January - Markit

(RTTNews) - Private sector business in Hong Kong continued to contract in February, and at a faster rate, the latest survey from Markit Economics showed on Thursday with a PMI score of 42.9.

That's down from 58.9 in January, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

This marks the second straight month in which the Hong Kong SAR private sector shrank and at the fastest pace since April 2020. New orders and output both eased for a second straight month and at faster paces in February amid the persistent disruptions from the COVID-19 Omicron outbreak.

Foreign demand, including demand from China, was also affected, falling at sharper rates in February. As a result, Hong Kong SAR private sector firms lowered their staffing levels in February. Buying activity likewise fell, leading to lower stocks of purchases.