Bank of Scotland lauds promising economic situation
www.moneynews.co.uk > General finance > Bank of Scotland lauds promising economic situation
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Money News |
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Bank of Scotland lauds promising economic situation
Mon 14th Jun 2010
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Donald MacRae, chief economist at the firm, made his comments after the group's PMI index for May was published, showing an increase to 53.1 in May compared to 51.6 the previous month.
He described this situation as a "welcome recovery" and said that it offers hope of a promising rise in business over the next few months.
"The sharp rise in average input costs during May is of concern, with the pace of inflation again faster than that seen in the wider UK economy," added Mr MacRae.
In his view, Scotland is coming out of the recession at a slower speed than the rest of the UK, but it is a positive sign that the two-month period of decline in the PMI has come to an end.
Last month, Bank of Scotland's labour market barometer indicated that April was a strong month in terms of wage inflation and new appointments.
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