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Economic Development

Business confidence rises in Yorkshire and Humber as demand picks up, survey says

NatWest’s Yorkshire & Humber Business Activity Index showed an improving picture for the region's economy, though it was still not in growth

Leeds city centre

A business survey suggests businesses in Yorkshire and Humber have seen both a rise in demand and a jump in business confidence.

NatWest’s Yorkshire & Humber Business Activity Index, which measures the month-on-month change in the output of the region’s manufacturing and service sectors, rose from 45.2 in September to 49.4 in October. Though a score below 50 still denotes contraction in the overall economy, NatWest said it showed underlying improvement in conditions.

The survey said new orders placed with local private sector companies rose for the first time since March. Yorkshire and Humber was one of six monitored 海角视频 areas to see demand growth.

Companies grew more optimistic towards the year-ahead outlook for business activity, NatWest said, with companies pointing to acquisitions, new product developments and capacity expansions as reasons for positivity.

Malcolm Buchanan, chair of the NatWest Regional Board, said: “October presented a positive outlook for the local economy in Yorkshire & Humber. A renewed rise in demand for goods and services - the first since March - bodes well for activity in the near-term.

“In fact, firms are looking ahead to the next 12 months with increased optimism. Growth expectations were their strongest in eight months, with many local business leaders pointing to expansion strategies as a reason to be upbeat.

“It also appears that businesses have adapted to recent economic challenges by improving their operating efficiency. This has helped slow the decline in private sector employment. Should the upturn in sales continue, this could even drive growth in local payroll numbers.

“The downward path of cost inflation is also a welcome development for local firms. Positively, firms appear more bullish on their pricing power, with average prices charged rising at a quicker rate than in September.”