Figures produced by bank, NatWest, reveal that the number of job vacancies in the North West had risen, after four months in decline.
The figures come as part of NatWest’s Purchasing Managers Index (PMI) report and demonstrate a turning point as the effect of political uncertainty in the economy begins to subside. While job creation has risen, output of businesses in the North West has declined for the eighth consecutive month, however the rate of contraction has slowed.
Richard Topliss, chair of NatWest’s North Regional Board, said:
Renewed jobs growth and sustained optimism towards the year-ahead outlook for business activity bode well for a recovery in the near term.
“With Brexit uncertainty having restricted sales in recent months, we expect the UK’s new political scenery to provide a boost to the economic performance of the North West during 2020.”
According to the NatWest report, optimism remains high, albeit lower in the North West compared with other regions, with the report citing companies preparing to introduce new product offerings and expand operations, creating new job vacancies.
With business growth continuing to contract, the bank identified that the weak value of the pound, and increases in pricing of materials, energy and living costs were taking their toll. Many businesses have had to raise their selling prices in response.
The increase in job vacancies, however, indicates that businesses in the North West are now looking to expand once again now that there is greater clarity over the UK’s political situation.
North West jobseekers will also be buoyed by the news, as January is typically the most popular month to switch careers in pursuit of that dream job.