Bailey's Jab at Pay Growth Plays Out in Survey Data

PMI report highlights:

• Private sector output growth eases to three-month low
• Another solid upturn in the service economy, whereas manufacturers continued to underperform as production volumes declined for the eleventh time in the past twelve months.
• Overall private sector output growth was the slowest since March, reflecting a much softer rise in new order intakes as some clients curtailed spending.
• Manufacturing companies signalled an outright reduction in factory gate charges for the first time in more than seven years
• As flagged by Bailey yesterday: "There were again widespread reports of higher staff costs, which had been passed on to clients."