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Hong Kong Private Sector Slips Into Contraction - S&P Global

The private sector in Hong Kong fell into contraction territory in September, the latest survey from S&P Global revealed on Thursday with a PMI score of 48.0.

That's down from 51.2 in August, and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.

Contributing to the sub 50.0 PMI reading was a renewed decline in output at Hong Kong SAR private sector firms. The decline was the first in six months, and solid overall. According to panel members, the contraction was reflective of lower levels of demand amid disruption caused by the COVID-19 pandemic.

Another key factor driving the sector contraction was a fall in order book volumes during September. With certain restrictions in place throughout the data collection period and customers in some cases hesitant, COVID-19 was reportedly the main reason for the weakening of demand conditions. New export orders and new business from Mainland China also registered solid contractions.

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