This signalled a second successive monthly decline in business activity. The rate of reduction was solid overall, albeit much slower than those seen during the height of the pandemic. Companies linked lower business activity to the renewed lockdown measures stemming from the coronavirus pandemic, and a subsequent drop in client demand. That said, new business fell at a softer pace than seen in October. Nonetheless, firms cut their staff numbers sharply amid further signs of excess capacity and a stronger rise in costs. However, optimism towards the year ahead picked up to a record high amid hopes of a timely end to the pandemic.
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Business activity in the South West fell during November amid the second national lockdown. The NatWest South West Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – fell from 49.7 in October to 47.1 in November, to signal a second successive monthly decline in business activity. Companies linked lower business activity to the renewed lockdown measures and a subsequent drop in client demand. Firms cut their staff numbers sharply amid further signs of excess capacity and a stronger rise in costs. However, optimism towards the year ahead picked up to a record high amid hopes of a timely end to the pandemic.