East of England leading the way in job creation, Lloyds Bank PMI report reveals
- 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.
You may also want to watch:
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.”
- 1 Suffolk school goes viral after teachers post TikTok dance
- 2 Man dies following stabbing in Bury St Edmunds
- 3 Siegrist and Amos leading targets as Town step up hunt for new No.1
- 4 Man in 40s dies following A12 crash
- 5 'He nearly ruined my club' - Bent on former Ipswich boss Lambert
- 6 'People might think I'm crocked now... but I fully back myself' - Norwood determined to make his mark
- 7 25 of the best cafes for outdoor dining in Suffolk
- 8 Man in 40s rescued from beneath the Orwell Bridge
- 9 A12 re-opens after man seriously hurt in two-car crash
- 10 Town set to learn Carabao Cup and Papa John's Trophy opponents
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.