Private sector business activity still very heavy in HK
Bernard Aw, Principal Economist at IHS Markit:
- "Business closures and slumping demand led to output and sales falling severely during April. Employment continued to shrink at a marked rate, while firms cut back furiously on their purchasing activity.
- "Deflationary pressures persisted in the latest survey month, with falling business costs linked to cheaper input prices and reduced wage bills. Discounted prices were offered by firms to boost sales.
- "Business sentiment remained deeply negative as majority of firms were pessimistic of a recovery over the next 12 months amid the pandemic."
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PMI from Singapore is even worse, 28.1 in April vs. 33.3 in March
