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.
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