04 October 2001 | Mark Whitehead
Figures produced for CIPS show that Hong Kong's economy is continuing to suffer in line with the global downturn.
The Hong Kong purchasing managers' index (PMI) has been piloted since 1998 by NTC Research, which produces the monthly PMI surveys for the UK and other European states.
The PMI stood at 42.9 in September, which is well below the 50 mark that indicates no change. It was the eleventh successive month of contraction in the economy. Output and new orders also contracted.
The new index collates the experiences of 250 purchasing professionals, providing data on output, new orders, employment, input costs, prices charged, salaries, supplier performance and purchasing activity.
The index will be launched at the annual general meeting of CIPS's Hong Kong branch.
Roy Ayliffe, the institute's director of professional practice, said: "These figures will help businesses to plan ahead and understand the way the economy is going."