Monday 19th November 2018
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Region’s growth picks up helped by strong export orders

The East of England regional economy picked up in October helped by an increase in export orders whilst new jobs were created at the fastest pace in six months, according to a key survey of purchasing managers. The Lloyds Bank East of England PMI rose to 57.3 in October up from 55.5 in September and stayed well above the 50 level which denotes growth. Firms reported increased international demand for products and services and many hired extra staff to meet rising demand.

But rising raw material prices prompted firms to increase selling prices for goods and services at a faster pace than the previous month. Steve Elsom, regional director for the East of England at Lloyds Bank Commercial Banking, said: “It’s encouraging to see the local economy regain its growth momentum at the start of the fourth quarter. Businesses have a lot to be optimistic about as increased growth in output, employment and new business all paint a positive picture for the region."

Meanwhile, the East of England is bucking a national trend with an increase in the number of businesses reporting growth, according to R3. It found that the share of firms in the region reporting one or more signs of growth rose to 64 per cent in September, up from 59 per cent in the month a year ago.

 

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