The Hong Kong Purchasing Managers' Index rose to 49.4 last month from 48.7 in September, indicating that the economy was continuing to contract, although at a lower rate than a month ago. The reading reflects Hong Kong's poor economic performance, with record high unemployment levels and almost four years of deflation.
This will come as no surprise to the SAR's consumers: in a September survey, 51% expected the Hong Kong economy to deteriorate between September and November, compared with 26% in the previous survey, which was conducted in May. Retail sales figures have dropped by 5% since January, and a growing number of respondents are saving rather than spending, staching away up to 16% of their earnings.
A report from the Chartered Institute of Purchasing and Supply said that adverse global economic conditions had stifled attempts to stimulate growth. However, most of the index's sub-categories showed slower rates of decline than in September. The pace at which output, orders booked and staff numbers shrank eased to between 49.6 and 49.9, close to no change, the report said.
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