New business on the rise in region’s economy

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New business orders have risen, according to the latest Lloyds Bank North West PMI report.

June data highlighted another strong performance in the North West private sector economy.

Production levels and employment were raised in response to a marked and accelerated increase in new business.

Looking at output and demand, The Lloyds Bank North West Activity Index stood at 57.8 in June, down from 59.0 in May.

That registered above the 50.0 threshold for the eighteenth successive month. Moreover, the latest reading was consistent with a robust expansion of activity.

Underpinning the rise in business activity was a marked and faster increase in new orders, said the report.

New business flows continued to expand at manufacturers and service providers. Evidence from survey participants pointed to better economic conditions and higher demand, with manufacturers also indicating that they had benefited from new export order growth and the launch of new product lines.

Martyn Kendrick, area director of SME Banking in the North West, said: “Companies across the North West ended the second quarter of the year on an encouraging note.

“New orders continued to rise strongly, and although output growth lost some momentum its expansion remained well above the series average.”