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Financial News: Hong Kong Private Sector Continues To Shrink

Hong Kong Private Sector Continues To Shrink

10/04/2019 - 00:30:00 (RTTNews)

(RTTNews) - Hong Kong's private sector economy continued to contract in September as trade tensions and local protests continue to hurt demand, survey results from IHS Markit showed Friday.

The IHS Markit Hong Kong SAR Purchasing Manager's Index edged up to 41.5 in September from 40.8 in August. However, a reading below 50 indicates contraction.

The score signaled the second-steepest deterioration in the private sector activity since February 2009.

Inflows of new work dropped at the second-steepest rate since February 2009, dragged down by another sharp decline in orders from mainland China.

Although slower than in August, the fall in output in September was the second-fastest since early-2009. At the same time, employment decreased for the second month in a row.

Further, a greater proportion of firms expressed pessimism about the year-ahead business outlook.

On the price front, the survey showed that deflationary trend extended into September. Overall cost burdens fell at the fastest rate since January 2016. Firms in turn cut their selling prices, reflecting efforts to boost sales and clear stocks.

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