Partly Cloudy

Partly Cloudy

max temp: 17°C

min temp: 10°C

Search

East Anglia: Rate of growth in business actvity slowed sharply in March, says Lloyds PMI survey

13:40 14 April 2014

Steve Elsom of Lloyds Bank Commercial Banking

Steve Elsom of Lloyds Bank Commercial Banking

Business activity in the region continued to increase during March but the rate of growth slowed to a four-month low, according to the latest Lloyds Bank East of England PMI survey.

shares

The headline seasonally adjusted Lloyds Bank East of England Business Activity Index dipped to 50.4 in March, still above the 50.0 threshold between growth and contraction but well down from February’s reading of 52.0.

Lloyds said that while output increased for the fourth successive survey period, the latest reading was the weakest in the current sequence, with the drop in overall activity growth driven by contracting output levels in the manufacturing sector.

Levels of incoming new business continued to increase in March, but the pace of expansion slowed and was below the overall UK average. Sector data suggested a solid contraction in new work at manufacturers, while volumes of incoming new orders increased at firms in the service sector.

East of England companies also continued to hire additional staff during March, but at the slowest pace in three survey periods. Companies that reported increased payroll numbers often linked this to higher new orders. Meanwhile, work-in-hand (but not yet completed) decreased for the second month running, and at the sharpest rate in four survey periods. According to anecdotal evidence, an expansion in operating capacity accounted for much of the latest decline in levels of outstanding business.

Cost burdens in the East of England continued to increase in March. Around 22% of panellists recorded higher input prices and linked this to increased fuel prices and a weak pound. However, cost inflation eased during the latest survey period, and was below the series average.

Companies in the East of England raised their output charges in March, and for the fifth consecutive month. An increase in input costs accounted for much of the latest rise, according to panellists.

Steve Elsom, area director for SME banking in East Anglia at Lloyds Bank Commercial Banking, said: “The private sector economy across the East of England weakened significantly in terms of activity and new orders in March.

“The labour market remained subdued, in line with the trend of moderating growth, with the weakest increase in employment levels for three months. Despite this, while input and output price inflation persisted both were weaker than in the previous month.”

shares

0 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 Ipswich Star 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 Ipswich Star 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.

Not a member yet?

Register to create your own unique Ipswich Star 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

The local election counts at Ipswich Corn Exchange.

The first results for the Ipswich Borough Council elections have been declared at the Corn Exchange.

The Colchester Borough Election count at Charter Hall.

Votes cast in Colchester and Ipswich are now being counted and reporters Will Lodge and Paul Geater are at the counts providing live updates.

The crash happened in Granville Street, which is just off Norwich Road.

A man has been taken to hospital with a leg injury after the motorcycle he was riding collided with a car in Granville Street, Ipswich.

Pub quiz.

British author and mathematician Bertrand Russell said: “There is much pleasure to be gained from useless knowledge.”

Pupils from Holbrook primary with some of the 3D printed enhaler caps inspired but Tim Peake. 
Tristan and Jack

It isn’t every day your school gets a message from space.

Polling stations have now closed

Ballot boxes are being rounded up and votes will soon be verified following today’s local elections, and the police and crime commissioner ballots.

Stock image of the A12.

A number of ladders have fallen from a lorry onto the road and central reservation on the A12 at East Bergholt.

Twiggy is a big fan of Suffolk

Suffolk isn’t know for its glitz and glammer and A-list celebrities but there are an ‘A-Team’ of stars linked to the county, as Connor McLoone discovered.

File picture of two horse riders.

Fire, police and ambulance crews worked together to free a woman who was trapped under a horse in a ditch.

Kim Sale pictured at her home in Kesgrave with mum, Kellie Thorndyke.

Kesgrave teenager Kim Sale says she is looking forward to the rest of her life, almost a year to the day since she was dealt the devastating news that a tumour in her leg was cancerous.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24