Bank of Scotland economic report 'suggests transitional phase'

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Bank of Scotland economic report 'suggests transitional phase'

A finance expert has claimed that figures from a new Bank of Scotland economic report may indicate the country is in a transitional phase of its recovery.

Chief economist at the institution Donald MacRae made his comments after the publication of the firm's labour market barometer, which showed a minor deterioration in the situation during June.

He noted that the reason for the index slipping during the month was because the number of people seeking a job rose, but he suggested this may not be "outright deterioration" and could be simply a transitional phase.

"Permanent employment increased for the ninth month in a row and demand for permanent staff improved, albeit both were at slower paces than previously," remarked Mr MacRae.

A separate Bank of Scotland economic report released earlier this month indicated that the recovery in the Scottish private sector also slowed in June, with the PMI index falling to 52.9.

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