The latest data from the Bank of Scotland PMI survey suggests that the private sector in the Scottish economy continued to grow in November, but only just. The good news is that business activity was better than the PMI returns for the rest of the UK where there was an abrupt slow down. However, new business inflows were weaker and the run-down of business outstanding was faster than in the UK. It should be noted that the difference appears small and may not be statistically significant.
Overall, the PMI paints a picture of slowing economy close to stagnation, with growth in Scotland and the UK very weak. The UK and Scotland appear weaker than the global average and the US but stronger than the Eurozone and Japan as the chart from Markit - who undertake the Scottish survey for the Bank Scotland - shows.
It is a pity that the Bank of Scotland does not appear to make a full data series available of the Scottish PMI, so that we can more clearly compare and contrast Scottish performance.
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