NW economy ‘on road to recovery’

BUSINESS activity in the North West fell for the eighth successive month in April, albeit at the slowest rate since last August, suggesting the region’s economy could be over the worst of the recession.

Despite easing to its least severe for four months, job shedding continued at a rapid pace in April, according to The Royal Bank of Scotland’s purchasing managers index survey.

Employee levels in the North West private sector have now fallen for twelve successive months, with businesses blaming continued falls in new business and lower activity levels.

Philip McKinnon, economist at The Royal Bank of Scotland, said: “The North West saw another easing of the slowdown in April, with business activity falling at the slowest pace for eight months.

“The milder contraction provided further evidence that the intensity of the downturn in the region’s private sector economy may have passed its worst, and that activity could be close to stabilising. This would be a first step on the long road back to recovery.”