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mpc: 14 As far as output was concerned, the only new data were for manufacturing. Manufacturing output was reported to have fallen 0.6% in February and the estimate for January had been revised downwards. The fall had been broadly based across industry subsectors. Business surveys, however, had pointed to a continuing recovery. The CIPS index for manufacturing output had been well above the 50 mark in February (despite dipping slightly from January), and had remained so in March. The CBI Industrial Trends survey had also been strong. The reports of the Bank's regional Agents, although a little less upbeat than business surveys, had also suggested that conditions had been improving. It was possible that the February manufacturing data were a rogue observation; the series was more volatile than were business survey measures, and was prone to revision.