East Midlands economic recovery gathers pace

September 9, 2014 12:42 pm

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The economic recovery in the East Midlands private sector gathered pace in July 2014, quickening to an eight-month high, according to the latest PMI stats.

Business activity, new orders and employment all increased at faster rates, the Lloyds Bank Commercial Banking East Midlands PMI found.

The headline Business Activity Index – a seasonally adjusted index which measures the combined output of the region’s manufacturing and service sectors – rose to 61.8 in July from 58.4 in June. It pointed to the fastest increase in activity since November 2013.

The rise in output in the region was also sharper than the UK average.  Panellists mentioned strong market demand in the UK had helped lead to increases in new orders, supporting growth of activity.

The rate of expansion in new orders quickened for the second month running in July and was the fastest since January. Both manufacturers and services companies posted sharp rises in new business.

Jon Pulford, Lloyds Area Director for SME Banking in the East Midlands, said: “The start of the second half of the year provided further cause for optimism in the East Midlands economy as growth moved up a gear in July.

“Output, new orders and employment all increased at sharper rates, with the rate of job creation one of the fastest in the survey’s history. The strength of sterling provided some support to importers during the month, helping lead to a slower increase in input prices.”

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