PMI figures point to improving economy

THE North West economy continued to improve last month, according to the latest data from purchasing managers.

Lloyds Bank’s North West purchasing managers’ index (PMI), prepared by Markit, registered a five-month high of 59 in May, up from 58.7 in April.

It focuses on the combined output of the region’s manufacturing and service sectors, and Lloyds said the sustained output growth was feeding through to the jobs market.

Martyn Kendrick, area director SME Banking in the North West for Lloyds Bank, said: “Economic prospects in the North West remained bright in May, as the latest data continued to show a broad-based improvement in output and new orders across both the manufacturing and service sectors.

“Moreover, job creation strengthened again, reaching a new survey peak. This suggests that confidence among firms remained strong, boding well for further activity growth in the coming months.”