The private sector in Hong Kong continued to contract, albeit at a slower pace, the latest survey from S&P Global showed on Thursday with a PMI score of 49.3.
That's up from 48.0 in September, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Lower private sector output was recorded for a second month running in October, underpinned by weaker demand for Hong Kong SAR goods and services. An amalgamation of deteriorating economic conditions and lingering COVID-19 effects led to a poorer demand picture according to panelists. That said, the rates of decline eased from September.
Incoming new orders from abroad likewise fell but at a slower rate compared to the prior month. That was not the case for demand from Mainland China, however, as incoming new business from Mainland China fell at a faster pace in October.
