Lloyds Bank East of England PMI report shows continued strong demand during January

Steve Elsom of Lloyds Bank Commercial Banking.

Steve Elsom of Lloyds Bank Commercial Banking. - Credit: Archant

Businesses in the East of England saw strong demand for their goods and services during January and continued to create new jobs despite a slight slowdown in output growth, according to the latest Lloyds Bank Regional PMI report.

But the data from January showed that business activity, new orders and employment all continued to increase, and more quickly than the UK average, despite the rate of growth easing when compared with December.

The weak pound continued to have an effect on costs, however, with average prices for raw materials, salaries and fuel rising at the fastest pace in almost six years. This drove many businesses to pass on part of their higher cost burden to customers in the form of raised prices.

Steve Elsom, regional director for the East of England at Lloyds Bank Commercial Banking, said: 'Firms across the East of England kicked off the new year on a strong footing, with significant growth of order books, business activity and new jobs.

'There were, however, signs of inflationary pressure due to the weaker pound and a slight stall in economic growth in comparison with December, which could affect price-conscious consumers in the coming months.'


You may also want to watch:


The Lloyds Bank Regional PMI, or purchasing managers' index, is a leading economic health-check of UK regions. It is based on responses from manufacturers and services businesses about the volume of goods and services produced during January compared with a month earlier.

Most Read

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter