Region’s business conditions pick up
after rise in orders

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Business conditions in the Yorkshire & Humber private sector economy picked up in July, following the fastest rise in new orders since November 2013, according to the latest Lloyds Bank Yorkshire & Humber Business Activity Index.

Payroll numbers also grew and the pace of expansion in Yorkshire was above the UK average.

The index, which measures the combined output of the region’s manufacturing and service sectors, registered at 58.4 in July, up from 58.1 in June and the highest since October 2013.

Leigh Taylor, area director SME Banking in the North East, Lloyds Bank Commercial Banking, said: “Yorkshire & Humber companies saw an improvement in business conditions across the region in July.

“Output activity accelerated at the fastest since October 2013 while business activity also rose at a solid rate.

“Consequently, payroll numbers remained in strong growth territory and above the UK average.”

Output rose across both the manufacturing and service sectors, with sharper growth seen in services.

Companies said that the key factor leading to higher activity was an increase in new business.

Panellists reported strengthening client demand from both domestic and international markets.

Outstanding business rose for the third month running as strong new order growth led to a build-up of backlogs of work.

Selling prices continued to increase in July.