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mpc: 7 the trade data had raised the level of exports by about 1.1%, and lowered the level of imports by about 2.2% by 2003 Q2. A29 Households' real post-tax income had risen by 0.5% in 2003 Q2. Cumulative revisions to the past data implied that the level of real post-tax income had been revised down by about 1.4% by 2003 Q1. The households' saving ratio had fallen to 4.8% in 2003 Q2. The level of the saving ratio had generally been revised up since 2000 Q1. But the revisions also implied that the saving ratio had fallen more sharply between 2001 Q1 and 2003 Q1 compared with the previous estimates. The households' net financial balance had deteriorated in 2003 Q2 to ­1.2% of GDP. Households' capital gearing had been little changed in 2003 Q2. A30 The gross operating surplus of private corporations (excluding the alignment adjustment) had risen by 1.0% in 2003 Q2 and the gross trading profits of non-oil private non-financial corporations had risen by 1.9%. Private corporations' financial balance had decreased to 1.4% of GDP in 2003 Q2. The level of the corporate sector financial balance had generally been revised down since 2000, compared with the previous estimates. That had mainly been driven by upward revisions to investment and downward revisions to private corporations' gross operating surplus. But the broad trend of the corporate sector moving from financial deficit to financial surplus had not been significantly affected by those revisions. Estimates of corporate sector capital gearing had been little changed in 2003 Q2. A31 The current account deficit had widened to £8.6 billion in 2003 Q2. That had been driven mainly by a reduction in investment income. The current account balance had been revised down since 2001 Q1. That had mainly reflected the inclusion of estimates of MTIC fraud and, specifically in 2003 Q1, lower investment income compared with the previous estimate. The public sector net financial deficit had widened further in 2003 Q2. A32 Turning to indicators of output and activity in 2003 Q3, the latest Index of Production release indicated that manufacturing output had fallen by 0.6% in August. The Chartered Institute of Purchasing and Supply (CIPS) services activity index had strengthened further to 58.7 in September. The activity and new orders balances had both risen to their highest levels since April 2000 and August 1999 respectively. The CIPS manufacturing survey output index had fallen to 54.0 in September, but the new orders index had risen to 56.3. The Confederation of British Industry (CBI)