East Mids achieves fastest activity rise, says PMI
Businesses in the East Midlands are recruiting staff at the fastest pace since 1997. That's according to the latest Purchasing Managers' Index (PMI) from Lloyds TSB.
The report suggested that the strength of the economic recovery in the region was maintained in May as output continued to rise. The rate of new business growth also accelerated, and was the fastest growing of all monitored regions.
The PMI, which measures the combined output of the region’s manufacturing and service sectors, also revealed that services companies recorded a steeper rise in activity than manufacturers.
Employment also rose at the joint-fastest pace in the history of the series in May.
Roger Galbraith, area director for Lloyds TSB Commercial in the East Midlands and Lincolnshire, said: "The East Midlands private sector powered ahead in May, outperforming all other UK regions in terms of both output and new order growth.
"A further strengthening in the rate of job creation is also welcome, and with both new business and backlogs of work rising, more hiring may be required in order to boost capacity. Another positive for firms in the region is that inflationary pressures are easing off following the highs in the first quarter of the year."
