Continued growth in North West manufacturing and service industries
Private sector business continued its resurgence with its fastest growth in output for 10 months, in March.
The latest Lloyds TSB North West PMI (Purchasing Managers’ Index) revealed that activity and new business rose sharply and growth in employment was maintained during the first quarter of the year.
The seasonally adjusted activity index, which measures the combined output of the region’s manufacturing and service sectors, showed the strongest rate of output growth in the past 10 months, achieving a score of 58.1 in March, up from 56.2 in February, better than the 57.5 UK average.
Figures show that incoming new work to the region has increased continuously for almost two years.
This was attributed to better economic conditions, stronger demand, particularly from Asia, and some advanced orders ahead of the Budget.
However, rising costs have been passed on in higher output prices.
Leigh Taylor, area director for Lloyds TSB Commercial in the North West, said: “The North West was one of the best performing UK regions in March, with private sector output growth accelerating to its fastest since May 2010 and employment levels rising for the second month running.
“Manufacturing remains the principal driver of expansion, despite a stronger contribution from the service sector in March.
“On the inflation front, the region saw another rapid increase in input costs at the end of the first quarter, which in turn contributed to the fastest rise in private sector output charges for two-and-a-half years.”
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