East of England leading the way in job creation, Lloyds Bank PMI report reveals

Steve Elsom of Lloyds Bank Commercial Banking.

Steve Elsom of Lloyds Bank Commercial Banking. - Credit: Archant

The East of England saw the fastest rate of job creation among all the English regions last month, according to a survey by Lloyds Bank.

Businesses in the region reported a rebound in output and new orders during August, following a slowdown the previous month in the immediate aftermath of the UK’s vote to leave the European Union.

The Lloyds Bank East of England Purchasing Managers’ Index (PMI), whichn which any reading above 50 signifies growth, rose to 53.6 last month, up from 51.0 in July.

Growth was reported both by manufacturers and service providers in the region, with the strong rate of job creation accompanied by an increase in new work ahead of the average for the UK as a whole.

However, the fall in the value of the pound resulted in higher prices for imported items, resulting in input costs (wages and materials) rising at their fastest for five years.

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Steve Elsom, regional director for the East of England at Lloyds Bank Commercial Banking, said: “Having lost momentum in July in the wake of the EU referendum, an economic upturn in the East of England gathered pace in August.

“This latest index also brought news of a rise in private sector employment, with the fastest rate of job creation of all English regions. At Lloyds Bank, we’re committed to supporting businesses as they navigate the post-referendum landscape.”

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The regional PMI reports from Lloyds Bank are a leading economic health-check of the UK’s regions and nations, based on responses from businesses about the value of goods and services produced, compared with the previous month.

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