A new survey has revealed that Scotland was the second-best performer among the 12 UK nations and regions in September in terms of its private sector economy, Yahoo reports.
This was despite business activity contracting slightly in the same period, according to Royal Bank of Scotland’s latest PMI (purchasing managers’ index) report.
Scotland and Northern Ireland were the only UK nations to record growth in private-sector employment last month
Only London achieved slight growth in business activity in September, the survey showed. The decline in activity in Scotland was the first fall north of the Border since January, reporting from The Herald said.
Scotland’s business activity index covers private-sector manufacturing and services. It fell from 50 in August to 49.3 in September on a seasonally adjusted basis, signalling a marginal decline. The 50 mark is reportedly deemed to separate expansion from contraction. The decline in business activity UK-wide was steeper, with this index dropping to 48.5 in September.
The rise in employment in Scotland’s private-sector economy in September was the eighth consecutive monthly increase, according to The Herald.
Royal Bank said, “Panellists mentioned raising payroll numbers to return to pre-Covid levels.”
But it reportedly stated that underlying data showed job creation in Scotland was limited to the services sector and was marginal overall.
The bank also said that overall business confidence among Scottish private-sector companies, in terms of expectations of increased activity in a year’s time, remained strong in September.
Royal Bank added, “Sentiment improved to a three-month high, with firms expecting growth in activity stemming from hopes of improved demand conditions, launch of new products and general market growth. Nonetheless, fears of increased competition and inflationary pressures resulting in fewer sales meant confidence levels remained historically muted.”
Source: Yahoo
(Quotes via original reporting)
A new survey has revealed that Scotland was the second-best performer among the 12 UK nations and regions in September in terms of its private sector economy, Yahoo reports.
This was despite business activity contracting slightly in the same period, according to Royal Bank of Scotland’s latest PMI (purchasing managers’ index) report.
Scotland and Northern Ireland were the only UK nations to record growth in private-sector employment last month
Only London achieved slight growth in business activity in September, the survey showed. The decline in activity in Scotland was the first fall north of the Border since January, reporting from The Herald said.
Scotland’s business activity index covers private-sector manufacturing and services. It fell from 50 in August to 49.3 in September on a seasonally adjusted basis, signalling a marginal decline. The 50 mark is reportedly deemed to separate expansion from contraction. The decline in business activity UK-wide was steeper, with this index dropping to 48.5 in September.
The rise in employment in Scotland’s private-sector economy in September was the eighth consecutive monthly increase, according to The Herald.
Royal Bank said, “Panellists mentioned raising payroll numbers to return to pre-Covid levels.”
But it reportedly stated that underlying data showed job creation in Scotland was limited to the services sector and was marginal overall.
The bank also said that overall business confidence among Scottish private-sector companies, in terms of expectations of increased activity in a year’s time, remained strong in September.
Royal Bank added, “Sentiment improved to a three-month high, with firms expecting growth in activity stemming from hopes of improved demand conditions, launch of new products and general market growth. Nonetheless, fears of increased competition and inflationary pressures resulting in fewer sales meant confidence levels remained historically muted.”
Source: Yahoo
(Quotes via original reporting)