The private sector in Hong Kong continued to contract in January, albeit at a slower pace, the latest survey from Markit Economics showed on Wednesday with a PMI score of 47.8.
That’s up sharply from 43.5 in December, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Output and new orders both continued to fall at steep rates as virus restrictions and social distancing dampened demand and curbed business activity. Although rates of decline eased compared to December, in both cases the downturns were the second-steepest since August. Exports also fell sharply to add to the slump in domestic demand.
Suppliers’ delivery times in fact lengthened to the greatest extent recorded since the survey began in 1998.
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