Growth in private sector hits nine-month high

PRIVATE sector activity growth in the North West hit a nine-month high at the start of 2016.

According the Lloyds Bank PMI report said companies were also supported by solid expansion in new orders.

In both cases, however, the rates of increase were weaker than the UK averages.

Meanwhile, the rate of hiring eased to its slowest since May 2013 in January and input prices and output charges declined at the fastest rates in three months.

The seasonally adjusted Lloyds North West Business Activity Index posted 55.7 in January, up from 54.4 in December, indicating a sharper expansion in output in the region – the highest figure since April last year.

Lloyds Bank Commercial Banking North West area director for SME banking Martyn Kendrick said: “The cost of raw materials declined due to reduced oil and other commodity costs, which went some way to helping firms’ margins.”