September saw another sharp increase in business activity in Yorkshire and Humber, despite the rate of growth easing to its softest since the 海角视频 emerged from lockdown.
It was buoyed by the fastest improvement in new orders since August 2017, while backlogs of work increased for the first time in two years - sparking hopes of a stabilisation in employment levels.
The findings of the NatWest Yorkshire & Humber Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – registered 59.2 in September, down from 64.6 in August.
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Panellists said a further improvement in demand conditions helped to drive the latest expansion. Underlying data indicated that growth was led by the manufacturing sector.
Of the 12 monitored 海角视频 regions, Yorkshire & Humber saw the second-quickest improvement in demand conditions, behind the North East.
New orders received by regional businesses continued to rise sharply at the end of the third quarter. Moreover, the rate of growth accelerated for the third month running. Analysts said pent-up demand was continuing to be released back into the markets.
Richard Topliss, chair of the NatWest North Regional Board, said: “September PMI data revealed another strong showing for the Yorkshire & Humber private sector, with activity growth remaining marked amid the fastest rise in new business for over three years. “Although the rate of output expansion eased, it remained historically elevated and stronger than the national average.
“There was further cause for optimism with the reading for outstanding business, which signalled the first rise in capacity pressures for two years. This could be a catalyst for a further trend towards stabilisation in employment, which during September fell at the softest rate since March. That said, with the current version of the furlough scheme set to end during October, predicting job market trends remains extremely difficult.”
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Private sector firms remained optimistic regarding the 12-month business outlook. Although the degree of positivity softened slightly, it remained historically marked.
Confidence was supported by hopes that Covid-19 restrictions would be relaxed over the coming year.
Prices charged by private sector companies increased for the second month running during September. Moreover, the rate of charge inflation accelerated slightly to the quickest since February.