The Hong Kong purchasing managers' index fell in November to its lowest level since the Sars scare of 2003 as new orders plunged amid weakening global demand. It was the biggest monthly decline in new orders since the purchasing managers' survey was introduced in mid-1998. The drop in orders was aggravated by particularly weak volumes from mainland China, which was also attributed to declining demand for Chinese goods now that the eurozone and Japan were in recession and after the American economy contracted in the third quarter. The index fell to a seasonally adjusted 38.8 in November. It fell from 43.1 in October and stayed below 50, the dividing line between growth and contraction in private sector business activity, for a fifth consecutive month.

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