(Reuters) – British business confidence ticked downwards in November to a five-month low but remained healthy overall, with companies still feeling upbeat about their trading prospects, a survey from Lloyds Banking Group (LON:) showed on Monday.

The Lloyds Bank Business Barometer sank by 3 points last month to 41%, its lowest level since June but comfortably above the survey’s long-run average of 29%.

The survey is among the indicators monitored by the Bank of England as it gauges the extent of inflation pressures in Britain’s economy.

The barometer chimed with other business surveys that point to fairly stubborn price pressures and a slowdown in activity – though the degree of the downturn varies and the Lloyds survey points to much less weakness than in the S&P Global purchasing manager indexes.

“Overall, these results show that businesses are still positive and feeling resilient, albeit with tempered views on the economic outlook,” said Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking.

The survey’s gauge of price intentions eased only marginally in November and remained well above the long-run average.

Manufacturers, services and construction firms grew more optimistic about their trading prospects, Lloyds Bank said, but retailers became gloomier – echoing a downbeat Confederation of British Industry survey.

Last month the S&P Global PMIs pointed to economic contraction for the first time in 13 months. An updated reading for the manufacturing sector is due at 0930 GMT.

Britain’s economy contracted unexpectedly in September and growth slowed to a crawl over the third quarter, data showed on Friday, an early setback for finance minister Rachel Reeves’ ambitions to kickstart a sustained pickup.