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Hong Kong PMI falls to 49.7 in August

Hong Kong PMI falls to 49.7 in August

HONG KONG: The Nikkei Hong Kong Purchasing Managers’ Index, or PMI, for August fell to 49.7 from July’s 51.3, showing a worsening business conditions for the first time since March. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.

“Hong Kong’s private sector lost some momentum amid a slowing in Chinese demand for its goods and services,” said Bernard Aw, a principal economist at IHS Markit, which compiles the PMI survey. “Anecdotal evidence suggested that limited output linked to China’s environmental protection laws may have affected supply chains,” Aw added.