Private sector expansion slows in East Mids
Activity in the East Midlands private sector grew again in September but rates of expansion slowed during the month, according to the latest Lloyds Bank Commercial Banking East Midlands PMI report.
The headline East Midlands Business Activity Index – seasonally adjusted to measure the combined output of the region's manufacturing and service sectors – fell to 56.8, down from 60 in August, to signal the slowest rate of expansion since February.
The increase in activity in the region was slightly weaker than recorded across the UK as a whole. Service providers posted a faster rate of growth than their manufacturing counterparts.
New business also rose at a slower pace in the region during September. However, new order growth still remained steep in the context of historical data, with panellists highlighting the domestic market as a strong source of new work.
Jon Pulford, area director for SME banking in the East Midlands, said: "Private sector firms in the East Midlands saw a slowdown in the rate of growth during September.
"However, new business continued to expand at relatively strong rates and there was more positive news for the labour market, as firms began to take on staff at a solid pace again."