Private sector enjoys sharp growth

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Private sector activity in the Yorkshire and Humber region increased at the sharpest rate in four months in May, according to the latest PMI report from Lloyds Bank

A marked rise in output was matched by a faster expansion in new business, which rose at the quickest pace since January.

The rate of increase was greater than the UK average.

However employment decreased at the quickest pace in over three years. Input cost pressures intensified to the strongest since 2014, leading charges to rise to the greatest extent in over two years.

Leigh Taylor, regional director for SME Banking in the North East and Yorkshire for Lloyds Bank Commercial Banking, said: “Business activity in the Yorkshire and Humber region picked up in May, with the rate of expansion the sharpest since January. The steeper increase in output was supported by stronger growth in new orders.”