标普全球10月香港PMI升至51.2 连续3个月处于扩张区间

Core Insights - The Purchasing Managers' Index (PMI) for Hong Kong rose to 51.2 in October, up from 50.4 in September, indicating expansion for three consecutive months [1] - Businesses remain cautious about their outlook for the next year despite the increase in new orders [1] Group 1: Orders and Capacity - New orders recorded growth for the first time in nine months, marking the largest increase in a year, driven by improved customer confidence [1] - New export orders continued to decline due to a sluggish global economy and U.S. tariffs, but new orders from mainland China saw growth for the first time in a year, offsetting weak performance in overseas markets [1] - Despite the increase in orders, backlogs have decreased for ten consecutive months, indicating excess capacity in the private sector [1] Group 2: Employment and Costs - Companies increased procurement for the first time since February to align with sales, but employment growth remained modest [1] - Overall input costs have risen at a slower pace due to stable wage growth, although rising raw material prices have pushed procurement prices higher [1] - Companies have raised prices for four consecutive months, with the increase being the largest in a year [1]