Output growth edged up in the three months to November, and remained above average, but
output expectations weakened to the lowest in 13 months. Total order books and export
order books both improved modestly, but export orders remained appreciably weaker than
overall orders. Meanwhile, inflation expectations remained subdued.

Growth in output volumes edged up a little in the three months to November, after dipping to a 12-month low in October. Growth remains above-average and broad-based, with rises in output being reported
by 15 of the 18 sub-sectors. However, output expectations declined to a 13-month low, with
firms expecting growth to be marginally slower in the coming three months than it was in the three past.

Total order books edged up in November (relative to ‘normal’), to the strongest level in three months,
taking them further above their long-run average. But fortunes were mixed across sub-sectors, with only
half of the 18 reporting total orders to be above average.

Export order books also improved modestly, but remained much weaker than total orders, having barely
risen above their long-run average. Furthermore, 15 of the 18 sub-sectors reported below-
average export orders, the largest drag coming from Mechanical Engineering, where export orders were at
a two-year low. This was offset by strong orders in the Aerospace sector.