Strong growth and job creation in West Mids, says PMI
Private sector growth continued to gain momentum last month, according to the latest Lloyds TSB West Midlands purchasing managers index (PMI). A sharp rise in new business was also evident during February, suggests the survey.
In turn, a series record rate of job creation was present by the end of the month. Meanwhile, price pressures continued to build, with both input costs and output charges rising at the fastest rates since September 2008.
The index measures the combined output of the region’s manufacturing and service sectors.
Private sector companies in the West Midlands indicated a rise in incoming new business for the 20th successive month during February.
Dave Garbutt, area director for Lloyds TSB Commercial in the West Midlands, said: “The West Midlands economy saw a strong expansion of business activity in February, supported by robust new business growth. While manufacturing remained the principal driver of expansion in the region, a series record rise in employment bodes well for domestic demand. Strong cost inflation meanwhile resulted in a marked rise in output charges.”
