In today’s briefing:
- Hong Kong Services PMI: True Recovery or One-Off Improvement?
Hong Kong Services PMI: True Recovery or One-Off Improvement?
- In June 2024, the Hong Kong Service PMI improved to 49.6, up from 43.9 in May. This indicates that while the sector is contracting, the contraction rate has slowed significantly.
- Unemployment levels remained stable. Additionally, there was an increase in input cost inflation, and business confidence reached a five-month high.
- Though the services PMI improves, long-run factors such as northward spending of residents, outflow of human labours, and corrections in housing sector will continue to weigh on the economy
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