Output rises faster in the West Midlands
The West Midlands has seen the fastest rise in output out of all the UK regions, according to the latest economic survey from Lloyds Bank.
While firms are continuing to take on staff, the Lloyds PMI (purchasing managers index) report found business confidence has fallen to its lowest point since July last year.
The West Midlands saw output increase sharply at the end of the second quarter of the year, with the value of goods and services produced by the region’s economy growing faster than in any other UK region.
The latest Lloyds West Midlands PMI rose to a score of 58.1 in June from 56.5 in May. A reading above 50.0 signifies growth in business activity, while a reading below would signal contraction.
The PMI is based on responses from manufacturers and services businesses about the amount of goods and services produced during June compared with the previous month.
The rate of expansion in new orders at West Midlands companies was also the fastest of all the UK regions covered. This was despite growth in the region easing to a seven-month low.
Employment, meanwhile, continued to rise sharply in line with increasing workloads, with the rate of job creation little-changed from that seen in May.
Mark Cadwallader, regional director for the West Midlands at Lloyds Bank Commercial Banking, said: “The West Midlands was the star performer in the UK during June, leading growth of both output and new business. A faster expansion of business activity was a welcome sign, following a slowdown in May.
"Buoyant trends in workloads supported optimism among companies and encouraged them to increase their staffing levels further.”
