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Indyref prompts pause in Scots growth

A slowing of output and new business growth in Scotland last month looks like a blip caused by uncertainty over the referendum rather than any weakening in the recovery.

The figures are published ahead of what is expected to be a further fall in the FTSE today, which is expected to open down by some 80 points.

This morning’s Bank of Scotland’s PMI survey shows a slowing of what it calls the “robust” pace in August. Offsetting this slowdown is a continuing solid rate of job creation.

Although slightly less marked than in August, this rate of job growth remained among the fastest seen by the bank since it began its monthly series and it was supported by accelerated growth in service sector payroll numbers.

Backlogs of work decreased for the fifth straight month in September and the rate of depletion quickened to the fastest since March 2013.

Average output prices returned to growth after falling fractionally in August. That said, the rate of inflation was only marginal and slower than at the UK level as businesses north of the border continued to comment on strong competitive pressures.

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