S&P Global: H. Kong’s business activity slows in Nov. ’24

The seasonally adjusted S&P Global Hong Kong SAR Purchasing Manager’s Index fell to 51.2 in November 2024 from 52.2 in October, indicating a slight improvement in business conditions in the second-to-last month of the year, albeit slower.

Business activity continued to grow for a second consecutive month, driven by increased new business inflows. The wholesale & retail sector saw the fastest expansion in new business and activity.

However, overall output and new business growth slowed in November 2024 due to weakening export demand. New business from mainland China and overseas declined, attributed to lower client budgets and increased competition.

A rise in new sales led to backlogs building up for the first time in 14 months, with a slight increase in the most pronounced since June 2023. As a result, Hong Kong SAR companies increased their workforce capacity for the first time in seven months, particularly in the wholesale & retail sectors.

Attribution: The S&P Global report

Subediting: M. S. Salama