Growth in Scotland’s private sector slowed to its lowest rate in half a year last month, according to research.
Job creation remained solid but business growth fell from recent highs in August and September and was below the UK average, the Bank of Scotland said in its latest purchasing managers’ index (PMI).
The PMI is compiled from monthly replies to questionnaires sent to purchasing executives in around 600 manufacturing and service sector companies.
It registered at 55.2 last month, down from 57.7 in October. Anything above 50 constitutes growth, 50 means no change and below 50 suggests economic contraction.
Manufacturing output stagnated having previously risen for seven straight months, while growth of business activity at services firms was the slowest since July, the report said.
The rate of job creation has remained solid over the last year with both manufacturers and service providers adding more staff during November.
Donald MacRae, chief economist at Bank of Scotland, said: “The private sector of the Scottish economy grew in November. New work continued to increase but at the slowest rate for six months.
“Both manufacturers and service providers added more staff demonstrating confidence for the future. The recovery in the Scottish economy continued in November but at a slower pace than the survey-record levels of August and September.”
Finance Secretary John Swinney said: “This month’s PMI figures show the fourteenth month of expansion in private sector output in Scotland, with employment also continuing to grow.
“They show continual progress in the economic recovery in Scotland, and follow significant upward revisions to Scottish growth forecasts for 2013 and 2014.
“GDP and labour market statistics show the Scottish economy growing faster than the UK over the year to quarter two, with employment levels now at a five-year high and the economy growing continuously over the past four quarters.
“There will be no let-up in the Scottish Government’s commitment to securing economic growth. In this spending review period we are investing £10 billion in capital projects, building homes, schools and facilities to support the economy.”