Published:
Hong Kong PMI falls in February on weaker Chinese demand
It went down to 49.6 from 49.9 in January.
A report from South China Morning post stated that the city’s private sector contracted last month as companies struggled to find buyers on the back of weakening mainland demand and a strong local currency.
The Nikkei Hong Kong Purchasing Managers’ Index, which gauges business conditions in manufacturing, services, retail, construction and other sectors, fell to 49.6 last month, down from 49.9 in January.
Both output and new orders declined in the month, prompting firms to shed jobs as they became stuck with a backlog of goods.
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