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<Econ>S&P Global HK PMI Falls to 50.6 in Apr; Expansion of Private Sector Slows
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The S&P Global Hong Kong SAR PMI fell to 50.6 in April from 50.9 in March on a seasonally adjusted basis, reflecting a 2nd successive month of improvement in business conditions, albeit at a slower rate than in March, and not a significant one overall. Business activity returned to modest growth for the first time in three months, with the rate of increase most notable in the services sector. Backlogs of work were reduced for the 7th consecutive month, as firms stepped up production in order to absorb existing orders. Employment data reflected that surveyed companies increased their manpower for the 3rd successive month, which helped to boost output and clear backlogs. New order intakes fell MoM during the period, with the trend running counter to output growth, although the rate of decline was modest. According to respondents, increased competition and the economic downturn were factors affecting order intake. Export sales and orders from the Mainland both declined to 16-month and 3-month lows respectively. In line with the decline in orders, private sector firms in Hong Kong curtailed their purchasing activities for the 8th consecutive month in April. Stocks of inventory holdings also continued to rise in response to the decline in orders, signalling a contraction in the use of inputs for production, although the rate of accumulation of stocks of purchases fell back to a 3-month low. AAStocks Financial News |
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