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mpc: 16 There were, however, signs of a slight easing in the pace of growth in Q3. Manufacturing output was estimated to have fallen by 0.2% in July, although upward revisions to estimated growth in the first half of the year had left the reported level of manufacturing output 0.6% higher than previously estimated. Business surveys had presented a mixed picture. For manufacturing, the output and new orders balances in the CIPS purchasing managers index had fallen sharply in August from July, although still indicating continuing expansion. But the CBI Monthly Trends Inquiry and the Bank's Agents had suggested a pickup in orders and output expectations. In the services sector, the CIPS index of business activity had risen in August, having fallen in the previous three months, but the index of incoming new business had continued to edge a little lower while remaining consistent with continuing growth. The Bank's regional Agents had reported an acceleration of activity in business services but a modest deceleration in consumer services.

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