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FinancialHong Kong Economic Activity Expands To 22-Months High (RTTNews) - Hong Kong economic activity increased in October, signaling an improvement in overall business conditions, the HSBC and Markit Economics said on Wednesday. The HSBC Purchasing Managers Index or PMI rose to 54.6 in October from 51.8 in September. This was the highest reading in twenty-two months. A PMI reading above 50 indicates expansion, while a reading below 50 signals contraction. New business orders continued to increase, with orders from Mainland China posted a strong improvement, the report said. Similarly, the new order volumes climbed further in October, while the production increased robustly since September to its highest in twenty-two months. Hongbin Qu, Chief Economist for China at HSBC said, "In particular, the marked improvement in new orders has led to stronger production expansion and prompted companies to hire additional workers. As a result, the employment index returned to slightly above the 50-neutral level for the first time since October 2008." |
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