Scotland’s private-sector growth ‘slows’

Posted on 03 Oct 2017 and read 578 times
Scotland’s private-sector growth ‘slows’ Scotland’s private sector continued to grow in August but at a slower rate, according to a Bank of Scotland survey that said manufacturing output saw a marked rate of expansion while activity in services grew at a more modest pace.

This means that Scotland’s private sector has had nine months of growth in a row. Furthermore, the bank’s monthly Purchasing Managers’ Index survey indicated job creation remained solid in August, with companies taking on staff to meet the demands of rising output.

Although growth softened since the 33-month high recorded in July this year, the latest expansion was the second-fastest since July 2015.

Bank of Scotland regional director Fraser Sime said: “Although the most recent figure represented a slowdown in growth, the rate of expansion remained moderate overall — and one of the strongest recorded over the past two years.

“Job creation also remained strong, with many panellists reporting that salaries were being pushed up as a result of the tight labour market.

“Despite the upturn seen in the sector over the past two months, confidence towards future growth prospects softened to a four-month low in August, indicating a muted level of optimism from businesses operating in Scotland.”

The seasonally adjusted headline Bank of Scotland PMI — a single-figure measure of the month-on-month change in combined manufacturing and services output — fell to 52.2 in August, from 53.8 in July.

However, it remained above the average seen throughout 2017 so far — extending the amount of continued growth to nine months.

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