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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