S&P Global Jun HK PMI Slides to 50.3 with Slowest New Orders Growth YTD

The headline seasonally adjusted S&P Global Hong Kong SAR Purchasing Manager’s Index (PMI) fell from 50.6 in May to 50.3 in June, to indicate the weakest upturn in the aforementioned sequence of growth. However, the index remained above the 50.0 no-change mark for the sixth straight month in June, signalling improvements in business conditions in the Hong Kong SAR private sector throughout the first half of 2023.

A slower rise in overall new orders was recorded in June, with a softer uptick in client demand and some reports of higher tourism activity leading to only a marginal rise in new business. Rates of expansion in new orders from abroad and Mainland China also decelerated and were the softest since January.