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mpc: 6 A26 The housing data had been mixed in February. The Halifax house price index had fallen by 0.9%, but the Nationwide measure had risen by 2.2%. Annual house price inflation hadremained high at 15.0% on both measures. Particulars delivered had increased by 5.4% inJanuary and the annual growth rate had risen to 20.4%. Private housing starts and completionshad both risen in January. A27 The public sector net cash requirement had been -£17.2 billion in January (a surplus). A28 Turning to the latest sectoral surveys, the manufacturing output expectations balance in the CBI Monthly Trends survey had remained broadly unchanged at +10 in February. The totalorders balance had increased to -11 in February, and the export orders balance had increased to-25 A29 The headline index of the Chartered Institute of Purchasing and Supply (CIPS) manufacturing survey had fallen further to 51.0 in February. The output index had fallen to 52.1.Stocks of finished goods had fallen in February for the fourth consecutive month. The survey hadpointed to rather more buoyant export growth than the official data had suggested in recentmonths. The latest DHL survey had shown a strengthening in exporters' confidence. Theheadline CIPS services survey balance had risen slightly to 57.3 in February, the twelfthsuccessive month of expansion. The CIPS construction index had also been strong, rising to 62.0in February. Construction new orders had fallen by 3.9% in the three months to Januarycompared with the previous three months, and were 3.1% below their level a year ago.

IV

The labour market

A30 Labour Force Survey (LFS) employment had increased by 75,000 (0.3%) in 1999 Q4. The rate of growth had been slower than in Q3, but slightly higher than in the three months toNovember. The increase had been largely accounted for by a 60,000 (0.3%) rise in full-timeemployment; part-time employment had risen by 14,000 (0.2%). Employment infull-time equivalent terms had risen broadly in line with heads. The total number of hours workedhad risen by 0.2% in Q4, though average hours worked per person had fallen by 0.2%. A31 Turning to survey data, the CIPS manufacturing survey for February had suggested that there had been a further fall in manufacturing employment, but at a slower rate than in January.The same survey had suggested that construction employment had expanded at a more rapid ratethan in January, while services employment growth had remained stable.