March 2026 US Manufacturing Business Outlook Survey

At its meeting ending on 18 March 2026, the Monetary Policy Committee (MPC) voted unanimously to maintain Bank Rate at 3.75%. Conflict in the Middle East has caused a significant increase in global energy and other commodity prices, which will affect households’ fuel and utility prices and have indirect effects via businesses’ costs. Prior to this, there had been continued disinflation in domestic prices and wages. CPI inflation will be higher in the near term as a result of the new shock to the economy. Monetary policy cannot influence global energy prices but aims to ensure that the economic adjustment to them occurs in a way that achieves the 2% target sustainably. The MPC is alert to the increased risk of domestic inflationary pressures through second-round effects in wage and price-setting, the risk of which will be greater the longer higher energy prices persist. The MPC is also assessing the implications for inflation of the weakening in economic activity that is likely to result from higher energy costs. *BANK OF ENGLAND HOLDS KEY INTEREST RATE AT 3.75% IN 9-0 VOTE *BOE SAYS ALL MEMBERS 'STAND READY TO ACT' TO CONTAIN INFLATION *BOE SEES INFLATION AT OVER 3% IN FEBRUARY, NEAR 3.5% IN MARCH Bank of England votes unanimously to keep rates on hold as Iran war clouds outlook The Bank of England’s Monetary Policy Committee has voted “unanimously” keep its benchmark interest rate on hold at 3.75% on Thursday. Before the war in Iran erupted in late February, the BOE had been expected to cut its key interest rate, known as ‘Bank Rate,’ at its March meeting, but the conflict has sent global energy prices soaring, clouding the outlook for inflation and growth. “Conflict in the Middle East has caused a significant increase in global energy and other commodity prices, which will affect households’ fuel and utility prices and have indirect effects via businesses’ costs,” the BOE said in a statement.

Estimates for payrolled employees in the UK fell by 96,000 (0.3%) between January 2025 and January 2026, but increased by 6,000 (0.0%) between December 2025 and January 2026. This is based on administrative data from HM Revenue and Customs (HMRC). When looking at November 2025 to January 2026, the period comparable with our Labour Force Survey (LFS) ...

As widely expected, the FOMC remained on hold at the March 17-18 meeting. Governor Miran dissented again, because he wanted a ¼ percentage point cut. The FOMC statement saw only minor changes. The most important one was the addition of “The implications of the developments in the Middle East for the U.S. economy are uncertain.” Given the high level of ...