Activity in Hong Kong's private sector economy increased at the fastest pace in eleven months in January, data from a survey by Markit Economics and HSBC Bank showed Tuesday.
The seasonally adjusted purchasing managers' index for the private sector economy increased to 52.5 in January from 51.7 in December. An index reading above 50 indicates expansion in the sector, while one below indicates decline. Business conditions improved for the fourth consecutive month.
New business received by private sector firms increased at the fastest rate since February 2012 amid improved market conditions and greater client demand, marking the third successive monthly growth. Reflecting the rise in orders, production also increased at the steepest pace in nearly one year.
Firms, meanwhile, reduced their headcounts for the first time in four months, indicating caution towards employment hiring
Both input prices and output charges increased during the month, with input price inflation in particular the strongest in ten months.
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