THE latest Lloyds TSB West Midlands PMI® report indicates continued growth of business activity in the region’s private sector economy during September.
The Lloyds TSB West Midlands Business Activity Index – which measures the output of the region’s manufacturing and service sectors – recorded 52.1, down from 54.2 in August.
The latest reading was indicative of a moderate pace of expansion. New business and employment continued to rise but there was a further reduction in backlogs of work. Price trends diverged as input cost inflation quickened but output charges fell again.
Business activity continued to rise, extending the current period of growth to 39 months. Employment at private sector companies in the West Midlands increased for a tenth consecutive month in September.