West Midlands job creation at two-year high
Job creation has hit a two year high as West Midlands firms took on more business last month, a key survey has revealed.
While staffing numbers hit a high at the start of the second quarter, new orders rose at their fastest rate since February 2014, according to the latest Lloyds Bank Regional PMI survey.
Mark Cadwallader, regional director for the West Midlands at Lloyds Bank Commercial Banking, said: “Business conditions in the West Midlands private sector continued to improve at the start of the second quarter, helped by accelerated increases to firms’ sales as a result of higher demand.
"Business activity growth exceeded all other UK regions in April, despite inflationary pressures and higher selling prices, painting a positive picture in terms of job creation, which remained substantially above the UK average.”
The latest PMI rose from 56.1 in March to 60.3 in April. A reading above 50.0 signifies growth. The West Midlands reading was the highest since March 2015, and it was the best performing region in April.
The increased demand for goods and services led to local firms taking on additional workers, with job creation picking up pace to the fastest rate of all UK regions.
Inflation in businesses’ costs – including raw materials, wages, rent and other overheads – eased slightly from the previous month, but remained marked overall. In turn, firms often passed their cost burdens on to customers by raising selling prices at the sharpest rate in nearly nine years, since August 2008.
