Private sector business activity in Hong Kong plunged to its lowest level since the financial crisis, a private survey showed on Monday, as the city’s economy grapples with weeks of political unrest and the US-China trade war.

The latest IHS Markit Hong Kong purchasing managers’ index survey, which measures private sector activity in the territory, sank further to 43.8 in July from 47.9 in June, marking the steepest fall in the gauge since March 2009. A reading below 50 represents a contraction, with the index having now been below this mark for 16 months in row. 

Meanwhile, business confidence in the city during the month fell to its lowest ebb since January 2016, when fears were mounting over a destabilising slowdown in the Chinese economy.