Bank of Scotland PMI fell to 55.2 in November
The Bank of Scotland survey of purchasing managers has showed that the rate of growth in the Scotland's manufacturing and services sectors has slowed during the month of November.
The Bank of Scotland PMI, which is a popular indicator for manufacturing and services sectors, fell to the level of 55.2 in November, which is its lowest level in six months. The survey showed that the output and new work rose at its slowest pace in six months while job creation remained stable in Scotland. A rating of above 50 indicates expansion and that of below 50 shows contraction.
The survey showed that the private sector continued to expand in Scotland but the rate of growth has slowed during the month. The rate of growth in the manufacturing and service sector in Scotland has been slower than the UK during the month. Growth of business activity at services firms remained solid but the growth has slowed in the region.
Meanwhile, the manufacturing in the UK has recorded strong growth during the month of November with rising orders and increased hiring. The CIPS/Markit purchasing managers' index (PMI) for the month of November was recorded at 58.4, compared to a revised 56.5 recorded during the month of October. The figure of 58.4 is highest ever since February 2011 in the UK.