Yorkshire firms growing more strongly than the average for UK, says Lloyds

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BUSINESS ACTIVITY in Yorkshire continued to expand last month, a closely-watched survey has suggested.

Latest data from purchasing managers showed sharp new order growth and rising employment. Inflationary pressures, meanwhile, slowed from the previous month, with input costs staying unchanged and prices charged inflation easing from September to only a marginal pace.

The headline Lloyds Bank Yorkshire & Humber Business Activity Index - a seasonally adjusted index that measures the combined output of the region’s manufacturing and service sectors - registered at 58.3 in October, signalling strong growth in activity among private sector firms in Yorkshire.

The latest increase was faster than the UK average for the third month in a row.

A number of respondents cited stronger demand from existing clients and higher productivity as leading to the latest growth in new orders.

Employment in Yorkshire rose for the seventeenth successive month in October, with the pace of growth exceeding that recorded at the UK level.

Firms cited improved business conditions and strong turnover growth as the key drivers behind the latest increase in payroll numbers.

Leigh Taylor, of Lloyds, said: “Growth momentum across Yorkshire remained strong.”

Graham Pearce of KPMG

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