PMI Release April 2012
09 April 2012
The Bank of Scotland PMI report for March showed a solid and accelerated increase in output across Scotland’s private sector economy. Stronger growth was in part the result of a faster increase in incoming new business, and led to the steepest monthly rise in employment since July 2007. Cost inflation was meanwhile broadly unchanged since the previous survey period, and still slightly stronger than at the UK level.
March saw the Bank of Scotland PMI – a seasonally adjusted index monitoring activity across Scotland’s manufacturing and service industries – climb steeply from 51.7 in February to 54.1, indicating a robust increase in output that was the sharpest for 12 months. Growth accelerated on a faster rise in service sector activity, with goods production increasing at a modest pace that was up only slightly since the previous survey period. This was the fifteenth straight monthly increase in total private sector output.