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HK Jun S&P Global PMI Further Fades to 48.2, Shrinking for 2 Mths & Hitting Lowest Pt since Sep 2022
S&P Global announced that the S&P Global Hong Kong SAR PMI plunged further to 48.2 in June from 49.2 in May, marking the second consecutive month of contraction. Despite th...
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HK Jun S&P Global PMI Further Fades to 48.2, Shrinking for 2 Mths & Hitting Lowest Pt since Sep 2022
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S&P Global announced that the S&P Global Hong Kong SAR PMI plunged further to 48.2 in June from 49.2 in May, marking the second consecutive month of contraction. Despite the marginal decline, the index reached its lowest since September 2022.
Operating conditions in the private sector continued to contract as new business and activity declined. Weakness in the market and increased competition weighed on business sentiment, leading to a fresh round of job cuts in June. Average input cost growth accelerated amidst a rebound in purchasing price inflation, contributing to a rise in fee inflation.
Private sector output fell for the second consecutive month, with the rate of contraction the fastest in over 2 years, fuelled by a further decline in new business inflows. New businesses from both Mainland China and overseas fell at similar rates. According to survey respondents, the manufacturing sector recorded the largest decline in new orders and output, as the weak local and external economies and increased competition weighed on sales.
As a result of the decline in new orders, backlogs of work decreased for the 9th consecutive month. This led to redundancies and a slight reduction in employment levels for the 2nd successive month. Hong Kong companies were generally pessimistic about their business outlook for the year ahead, with concerns over increased competition and a weakening economy. However, the level of pessimism fell to a 7-month low, with input purchases rising at a solid pace as some firms stepped up purchasing activity in line with a favourable outlook for future demand. Inventory levels rose in tandem, supported by improved delivery efficiency.
For the price front, average input costs at private sector firms in Hong Kong inclined in June, with higher purchasing prices and wages contributing to the rise. Higher raw material prices accelerated the rate of average purchase price growth to the highest since February, while wage inflation quickened to a 4-month high. Private sector firms raised selling prices again in June, following a marginal decline in May. Output price inflation was marginal but in line with the long-run average trend.
According to Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence, private sector new orders and output in Hong Kong fell more sharply in June, reflecting a deterioration in business conditions. With the economy in the doldrums and competition intensifying in the region, companies appear to be struggling.
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