2013.09.0401:13:00UTC+00Hong Kong Private Sector Shrinks For Fifth Month

Hong Kong's private sector shrank for the fifth consecutive month in August, survey data from Markit Economics showed Wednesday.

The seasonally adjusted HSBC Purchasing Managers' Index came in at 49.7 in August, unchanged from July. Both output and new orders fell at weak rates, and contributed to a further round of job losses.

The stronger reduction in total new work partly reflected the joint-fastest decline in new orders from Mainland China since March 2009. Moreover, outstanding business at monitored companies fell further in August.

Meanwhile, price pressures eased in August, with both the rates of input price and output charge inflation having slowed over the month, it said.