Private sector keeps growing across England
ECONOMIC growth slowed across the UK in April, according to survey data out today, though London continued to expand strongly.
The capital’s solid growth pushed up employment, Lloyds and Markit’s purchasing managers’ index (PMI) revealed, though the rate of jobs growth stayed low in the rest of the country.
London firms registered a PMI of 54.2 in April, down from 58.2 in March but still firmly above the “no change” level of 50.
New orders rose in London for the 20th consecutive month as demand begins to pick up, leading to the first rise in jobs for six months.
For England as a whole the PMI slowed from 55.3 to 52.6, with the West Midlands in the top spot, down from 60 to 56.3, and the north east still the only region reporting falling output, with a PMI of 48.7, an improvement on March’s score of 48.1.
Strong manufacturing output boosted employment in Yorkshire and Humber, while the sector also drove growth in the south west.
Indeed, private sector employment rose in seven of the nine English regions, though the overall fall in growth means the improvement in jobs was only marginal.
“Despite this short-term set back, there are some positive figures for firms to take into the summer months, not least the continued upturn in new business receipts and the general resilience of private sector labour market conditions,” said Lloyds TSB’s John Maltby.
“The latest data also showed signs of a moderation in cost pressures throughout the English regions, which will give businesses extra breathing space in their efforts to improve efficiency, while also supporting investment and job creation in the long term.”