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East Mids business activity 'remains strong'

Growth in business activity across the East Midlands remained strong in June with the recovery now "well on track", according to the findings of a report published today (14 July 2014).

The Lloyds Bank Commercial Banking East Midlands PMI report has indicated that output continued to rise sharply last month, while new orders and employment each increased at faster rates.

The headline Lloyds Bank Commercial Banking East Midlands Business Activity Index – a seasonally adjusted index that measures the combined output of the region’s manufacturing and service sectors – posted 58.4 in June, down from 60.0 in May, but still signalling a sharp increase in private sector activity.

Output has now risen in each month throughout the past year-and-a-half.

The report said higher new orders led to an accumulation of backlogs of work in June, the first since March. With output requirements increasing, companies in the East Midlands also raised their staffing levels for the 13th consecutive month.

"A stronger increase in new business and an accumulation of backlogs of work during June suggest that output will continue to expand in the coming months," said Jon Pulford, Lloyds Bank's area director of SME banking in the East Midlands and South Yorkshire.

"Further marked improvements in the labour market were also seen, with employment growth at a near-record pace."

The findings of the Lloyds Bank report came as the latest Quarterly Economic Survey from the Derbyshire, Nottinghamshire and Leicestershire Chamber found that between April and June, 57 per cent of businesses reported an increase in UK sales and 35 per cent reported a rise in export sales.

An increase of 7 per cent on quarter one, 41 per cent of firms reported that they were now operating at full capacity and 53 per cent of business attempted to recruit staff in the three months.


Source: Insider Media

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