Hong Kong PMI Industrial

The S&P Global Hong Kong SAR PMI rose to 52.2 in October 2024 from 50.0 in the prior month, marking the highest print since March 2023. New orders increased at the fastest pace in 1-1/2 years, attributed to stimulus policies in China and greater tourism interests. Foreign orders from the mainland and abroad returned to growth, and buying levels grew the most since early 2023. That said employment shrank for the sixth month, though at a rate that was the slowest in the sequence. Meantime, the level of unfinished work continued to fall. Simultaneously, lead times deteriorated for the third month, due to supply shortages and shipping delays. On prices, input cost inflation hit its highest since February, slightly above the series average, owing to higher transport costs, and rising cost wages. However, firms raised selling prices at a slower rate. Finally, sentiment remained pessimistic, but the level of pessimism eased to a near one-year low as concerns over the economic outlook receded.