Recovery continues but pace 'eases'
Scotland's economic recovery is continuing but the pace has eased slightly, according to the Bank of Scotland's latest PMI report.
It found that growth in private sector output and new business continued to have a positive impact on the labour market.
Data for May pointed to net job creation for the 18th straight month.
The rate of increase in employment was solid, albeit the slowest in four months and well below the UK average.
Donald MacRae, chief economist at Bank of Scotland, said: "Both manufacturing and service sectors recorded growth and rising employment while inflationary pressures eased with both input and output prices rising at slower rates.
"The challenge of exporting is shown by the fourth consecutive monthly fall this year in new export orders. The recovery in the Scottish economy continues but the pace has eased slightly."
The Bank of Scotland Purchase Managers' Index - a measure of combined manufacturing and services business activity - was 54 in May.
However that was down from April's 54.8 and the lowest reading since April 2013.
Any figure above 50 suggests economic expansion.