The rate of Hong Kong's private sector growth showed signs of slowing down in April, according to a recent survey by S&P Global. The Services PMI score slipped to 50.6 from 50.9 in March, though it still indicates expansion, staying above the critical threshold of 50 that separates growth from contraction.
For the first time in three months, business activity witnessed a small increase, predominantly in the service sector. This growth was driven by businesses processing their current orders, resulting in a consecutive seven-month decrease in the amount of pending work.
The increase in business activity and clearance of backlogs was also facilitated by the growth in workforce capacity. Employment levels have risen for the third consecutive month, further supporting this upward trend.
