Hong Kong PMI rebounds to 49.6 in June, hitting a record high of over 2 years

Financial News

Written by: Zhang Weilun

2020-07-06 11:30

The Hong Kong Purchasing Managers Index (PMI) continued to rebound and reached a new high in more than two years. According to the latest data released by IHS Markit, Hong Kong’s June PMI was 49.6, a significant increase from May’s 43.9, and a new high since April 2018, reflecting the improvement of Hong Kong’s business environment.

According to the latest PMI data, with the relaxation of anti-epidemic measures, the business environment in Hong Kong was close to stabilization last month, in which the volume of business activity and the volume of newly received orders fell at the slowest rate in the past two years or more; In contrast, companies have gently expanded their manpower and increased procurement activities. However, companies still look down on their business prospects and are concerned about the long-term impact of the new coronary pneumonia epidemic.

The vast majority of interviewed companies pointed out that the employment level remained unchanged, but the purchase volume increased during the month, the first time since the tension between China and the United States in March 2018.

Bernard Aw, chief economist of IHS Markit, pointed out that in view of the further relaxation of anti-epidemic measures, Hong Kong's private economy showed signs of stabilization in June. However, the survey data shows that the external demand of enterprises is still weak, especially in the mainland. Enterprises also need to worry about the long-term impact of the epidemic on economic activities. Therefore, whether the Hong Kong economy can recover strongly depends on the ability of the global economy to recover in the coming months.

April Hong Kong PMI reported 36.9 private economy sharply deteriorated

In November, Hong Kong PMI reported 38.5 The economic prosperity of the private sector is the lowest since SARS

Hong Kong economy