Hong Kong Recovery Falters as PMI Falls to Worst in Six Months

It’s the latest indicator that Hong Kong may be headed for a recession, with growth this year weighed down by the slow easing of Covid restrictions. Photo: Bloomberg

(Bloomberg) — Hong Kong’s private sector activity contracted in September for the first time in six months as the financial hub struggles to recover from its Covid-fueled isolation and global headwinds.

The S&P Global Purchasing Managers’ Index fell to 48 in September from 51.2 in August. It was the lowest reading since March, when the city was at the peak of its fifth virus wave. A reading above 50 signals expansion, while anything below indicates contraction.