Employment rises in Yorkshire at fastest rate for two years
YORKSHIRE SAW the quickest rise in employment in the UK in June, according to the latest Lloyds Bank Regional Purchasing Managers’ Index (PMI) report.
Firms in the region hired extra staff at the fastest rate in more than two years as they created capacity to clear backlogs and complete new orders.
Yorkshire also had the secondfastest expansion in business activity in the UK last month, with output rising for the 11th month running.
The region’s business activity PMI registered 57.6, which was broadly in line with May’s reading of 57.7. A reading above 50 shows growth in output, whereas a reading below indicates decline.
Leigh Taylor, regional director for Yorkshire at Lloyds Bank Commercial Banking, said: “The Yorkshire economy has had another stellar month, as firms continue to take the changing political and economic conditions in their stride.
“Against the backdrop of June’s snap election results causing further uncertainty, it’s heartening to see that the region’s firms are the most confident nationally in their outlook.”
Meanwhile, input costs continued to put pressure on firms. Anecdotal evidence attributed input price inflation to higher raw material costs. Cost burdens were partly passed on to clients through higher prices charged for goods and services.
“Input costs have risen in the region for 15 consecutive months and higher costs remain a challenge for firms, despite inflation showing signs of easing,” Mr Taylor said.