East Anglia: Lloyds Activity Index approaches record level

Steve Elsom of Lloyds Bank. Steve Elsom of Lloyds Bank.

Monday, May 12, 2014
6:00 AM

Employment in the East of England grew at its fastest ever rate last month, according to a new survey, while the overall level of economic activity was also close to a new record.

To send a link to this page to a friend, you must be logged in.

The headline Lloyds Bank East of England Business Activity Index, a seasonally adjusted index that measures the combined output of the region’s manufacturing and service sectors, rose from March’s 58.2 to a near-record high of 60.0 in April, signalling robust output growth in the region.

It is the joint second highest figure since the study began in 1997, with a marked increase in new orders, and the expansion was broad-based, with growth reported in both the manufacturing and service sectors.

April also saw a further sharp rise in order intakes, with the pace of expansion picking up since March. Around 40% of the survey panel signalled increased new business versus 14% that indicated a decline. Companies attributed higher new orders to new client wins and increased demand related to greater housing market activity.

With output and new orders rising sharply, East of England companies continued to take on additional staff, with the latest rate of job creation the highest in the survey history and above the overall UK average. Around 22% of the survey panel signalled increased employment levels, while only 6% reported a decline.

Higher staffing levels contributed to a fall in work outstanding in April. Backlogs of work were depleted for the first time in 10 months, although marginally overall. Input prices increased further during April amid reports of higher raw material prices and rising staff costs. The rate of inflation picked up slightly since March, but remained below the long-run trend.

0 comments

Comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Eastern Daily Press visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Eastern Daily Press staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Forgotten your password?

Not a member yet?

Register to create your own unique Eastern Daily Press account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

ADVERTISEMENT

ADVERTISEMENT

Most read business stories

Oliver Arnold of Spring Farm Partnership who has bought out Quinto Crane & Plant Ltd. Picture: DENISE BRADLEY

New owners of East Anglia-based Quinto Cranes

One of East Anglia’s largest crane hire companies, Quinto Crane & Plant Ltd, has been bought out in a multi-million pound deal, with the new owner promising to safeguard the jobs for its 125 employees and guaranteeing future investment.

Read full story »

loading...

ADVERTISEMENT

ADVERTISEMENT