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Over in the eurozone, business activity is growing at its fastest pace in 16 months.
The latest poll of purchasing managers across Europe shows that business activity continued to rise in the Eurozone during September. Howwever, new orders stagnated after briefly expanding in August.
The overall increase in business activity was recorded in spite of a stable picture for new orders. New business was unchanged in September, following a first rise in 15 months during August.
A slight rise in services new business was cancelled out by a renewed fall in manufacturing new orders, which decreased to the largest degree since February. Continuing the recent trend, total new order volumes were limited by difficulties securing new business from abroad.
If the outlook for inflation and economic activity holds, the policy rate is expected to remain at this level for some time to come.
However, the outlook for inflation and economic activity is uncertain, and there are factors that could lead to a different design of monetary policy going forward.
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