New orders soar in October, says PMI
The West Midlands reported the fastest rise in new orders of all UK regions in October. That's according to the latest Purchasing Managers' Index (PMI) from Lloyds TSB.
The PMI reported a month of solid growth in the region, with both activity and new business increasing at rates above the UK average.
Input cost inflation continued to ease while output prices rose slightly during the month.
The business activity index, which tracks the combined output of the region’s manufacturing and service sectors – posted 53.4 in October, down slightly from the 53.9 posted in September.
Activity has increased continuously since July 2009, said the PMI data.
David Garbutt, area director for Lloyds TSB Commercial in the West Midlands, said: "The latest PMI data indicate that the West Midlands has not seen growth slow to the same extent as recorded across the UK as a whole.
"The sharpest rise in new business of all UK regions suggests that the West Midlands is better placed than most at the start of the third quarter of the year. Job creation continued in the region, contrasting with falling employment at the UK level."
