05.11.202500:34:00UTC+00Hong Kong Private Sector PMI Notches 11-Month High

In October 2025, the S&P Global Hong Kong SAR Purchasing Managers' Index (PMI) advanced to 51.2 from 50.4 in September, marking a third consecutive month of growth and the swiftest expansion since November 2024. This upturn was propelled by the most significant increases in output and new business reported in a year, particularly driven by new orders from China, which increased for the first time in twelve months. This helped mitigate weakening demand in other areas. Companies responded by boosting employment and ramping up purchasing activity, which saw an upswing for the first time since January, alongside efforts to reduce backlogs for the tenth month in a row. The deterioration in supplier performance continued for a fifth month, albeit at a marginal rate. Input costs rose more slowly, supported by steadier wage growth, leading firms to incrementally raise their selling prices for the fourth consecutive month — the fastest rate of price inflation within the year. Despite these positive trends, business confidence took a hit, with pessimism largely influenced by weak global demand, a consumer shift towards online shopping, and persistent impacts of U.S. trade policies.