Partly Cloudy

Partly Cloudy

max temp: 10°C

min temp: 7°C

Search

East Anglia: Lloyds Activity Index approaches record level

PUBLISHED: 06:00 12 May 2014 | UPDATED: 09:51 12 May 2014

Steve Elsom of Lloyds Bank.

Steve Elsom of Lloyds Bank.

Employment in the East of England grew at its fastest ever rate last month, according to a new survey, while the overall level of economic activity was also close to a new record.

The headline Lloyds Bank East of England Business Activity Index, a seasonally adjusted index that measures the combined output of the region’s manufacturing and service sectors, rose from March’s 58.2 to a near-record high of 60.0 in April, signalling robust output growth in the region.

It is the joint second highest figure since the study began in 1997, with a marked increase in new orders, and the expansion was broad-based, with growth reported in both the manufacturing and service sectors.

April also saw a further sharp rise in order intakes, with the pace of expansion picking up since March. Around 40% of the survey panel signalled increased new business versus 14% that indicated a decline. Companies attributed higher new orders to new client wins and increased demand related to greater housing market activity.

With output and new orders rising sharply, East of England companies continued to take on additional staff, with the latest rate of job creation the highest in the survey history and above the overall UK average. Around 22% of the survey panel signalled increased employment levels, while only 6% reported a decline.

Higher staffing levels contributed to a fall in work outstanding in April. Backlogs of work were depleted for the first time in 10 months, although marginally overall. Input prices increased further during April amid reports of higher raw material prices and rising staff costs. The rate of inflation picked up slightly since March, but remained below the long-run trend.

Search hundreds of local jobs at Jobs24

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

The contrasting fortunes of taxpayer-backed lenders Lloyds Banking Group and Royal Bank of Scotland (RBS) will return to the fore this week when the pair post quarterly figures, while Barclays also reports following recent scandals.

Today is the last day for entering the 2017 East Anglian Daily Times Business Awards.

After 18 months operating via Facebook, would-be retailer Bec Jasper jumped at the chance to open a shop of her own.

The Government has announced it intends to invest £1billion in “cutting-edge” technologies including self-driving vehicles, satellites and batteries.

Graham McGregor has been general manager at Suffolk’s Hintlesham Hall Hotel for almost a year.

Management Jobs

Show Job Lists

Most read

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24