NORTH WEST ECONOMY EXPANSION HOPES

The North West economy has experienced is strongest expansion since 2011, according to a new report.

The latest Lloyds TSB North West Business Activity Index, which is a seasonally adjusted directory that measures the combined output of the region’s manufacturing and services sector, reached 58.1 in June up from 55.1 in May.

Both manufacturers and service providers posted growth and new orders grew at the sharpest rate since May 2010.

Businesses said improved consumer confidence and new contract wins, along with improved weather conditions, were the reasons behind the increase in output.

Higher output levels led to companies increasing their workforces in June, with the overall rate of job creation the fastest in over five years.

Paul Smith, area director for Lloyds TSB Commercial Banking in the North West, said:

“Private sector companies in the region ended the second quarter on a much stronger note than during the first three months of 2013 as a result of growth of activity and an acceleration of new orders.

“The rate of job creation also picked up pace and inflation rates were lower than they have been before, suggesting that activity growth may be sustained in coming months,” he added.

Read Kirsty Hewitts full story at EN for Business