PMI Release March 2012
12 March 2012
Latest data from the Bank of Scotland PMI showed that both output and employment at private sector businesses increased at accelerated rates in February. The rise in staffing numbers was the steepest in four years, underpinned by solid increases in service sector recruitment activity. Meanwhile, cost inflation eased for the third month in a row to the weakest since September 2010.
In February, the Bank of Scotland PMI – a seasonally adjusted index monitoring activity across Scotland’s manufacturing and service industries – rose from January’s mark of 51.4 to 51.7, signalling the fastest rise in business activity for five months. Growth accelerated on the first (albeit marginal) increase in goods production since last November, with service sector activity expanding at a solid rate that was broadly unchanged from the previous survey period. Nevertheless, output in Scotland continued to increase at a slower rate than across the UK as a whole.