Q3 2026 presents a broadly positive but mixed picture, consolidating the recovery that began in Q1 while showing signs of moderation in some areas. Order intake eased to a net +8% from Q2's +17%, and output volume moderated to +11%, though both remain positive for a third consecutive quarter. Export orders slipped back into negative territory at −2%, reversing recent gains. The standout development was staffing, which strengthened to +14% — the highest employment reading in recent quarters — reflecting growing employer confidence in medium-term demand. Optimism staged a recovery to +7% after falling to −7% in Q2. Capacity utilisation improved further to +13% and capital investment returned to positive at +7%. Training investment held firm at +17%. Medium and large companies continued to drive positive results across most indices, while small companies recorded broadly flat outcomes. Plant & Machinery and Electrical & Electronics experienced the sharpest softening in orders, while Fabricators and Precision Engineering were among the stronger-performing sectors.