Business activity in Scotland’s private-sector economy last month rose at one of the slowest rates seen over the past two years.
The Bank of Scotland report on trends in the private-sector economy also revealed that cost pressures facing businesses eased to a post-financial crisis low.
One area which maintained relative strength was job creation, with employment rising at a solid and accelerated rate.
The PMI survey said the seasonally adjusted headline measure of the month-on-month change in combined manufacturing and services output eased last month to 52.8, from October’s 54.2.
That was the second-lowest mark in the past 20 months, with only September (51.5) seeing a lower reading.
Manufacturing output again increased only modestly last month, while growth in business activity at services firms was notably weaker than one month earlier.
November’s rise in new business was the least marked since March last year and only modest. The primary area of weakness was manufacturing, where new orders fell for the third month in a row, partly reflective of a further loss of new export business.
Backlogs of work were further eroded as a result of only modest gains in new business, meaning the level of outstanding business has now fallen in seven consecutive months. Furthermore, November’s decrease in backlogs was the sharpest in almost two years.
Employment at Scottish businesses increased during the month, in line with the trend since December 2012.
Cost inflation at businesses in Scotland eased to an all-time low rate last month, with average input prices rising at the slowest pace since August 2009.
Of the two monitored sectors, services recorded the stronger cost pressures.
Average output charges rose modestly on the month.