The private sector in Hong Kong continued to contract in July, and at a faster pace, the latest survey from Markit Economics showed on Wednesday with a PMI score of 44.5.
That’s down from 49.6, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Individually, output and new orders fell at sharper rates and there was a renewed decline in purchasing activity. Business sentiment grew increasingly pessimistic.
With sales weakening at a faster pace during July, firms in turn reduced their input purchases as part of efforts to control costs and avoid keeping excessive stocks.
The material has been provided by InstaForex Company – www.instaforex.com