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mpc: 7 little to 13.5%. The RICS prices data seemed consistent with house price inflation of around 4% per quarter. A27 Exports had been flat in January and there had been evidence that the upward trend in imports was attenuating slightly. There had been a strengthening in exports to non-EU countries in February. A28 Industrial output had fallen by 0.6% in February and manufacturing output had fallen by 0.2%, the third month in a row that manufacturing output had declined. Output had fallen across most industries in the latest three months. The weaker-than-expected manufacturing data had led to a fall in the National Institute's projection of GDP growth for the latest three months to 0.5% from 0.8% the previous month. However, surveys had pointed to a rise in manufacturing output in March. The Chartered Institute of Purchasing and Supply (CIPS) manufacturing survey output balance had been 54.1 in March, suggesting a moderate expansion of output in Q1. Though still pointing to an expansion of output, the growth of new orders had moderated to 51.7, with firms citing post-millennium destocking as a factor. CBI Industrial Trends output expectations had been stronger in March at +17; total orders had dipped to -16 but had been broadly flat over the past six months. The Engineering Employers' Federation output balance had been flat at +9 in Q1 and orders had risen slightly. By contrast, the CIPS services survey had risen to 59.6 in March, indicating relatively strong service sector output growth. The CIPS construction trends survey had continued to point to growth of current and future construction activity.

V

Labour market

A29 According to the Labour Force Survey (LFS) employment had risen by 83,000 (or 0.3%) in the three months to January compared with the previous three months, a little stronger than the growth rate in each of the previous three releases. Within the total, full-time employment had risen by 88,000 and part-time employment had fallen by 5,000. The 0.3% rise in the number of people in employment in the three months to January had been offset by a 0.3% fall in average hours worked. So total hours worked had been broadly unchanged in the latest quarter. A30 The number of Workforce Jobs had risen by 70,000 (or 0.3%) in Q4. Within the total, the number of jobs in the production sector had continued to fall, though by less than on average over the past year. There had been a further sharp rise in the number of service sector jobs. The level of