Business activity expanded in May for the 19th month running and job creation expanded, driven by rising workloads, according to Lloyds Bank.
Its Yorkshire & Humber Business Activity Index – a seasonally adjusted index that measures the combined output of the region’s manufacturing and service sectors – registered at 57.3 in May, up from 56.4 in April, highlighting improved business conditions in the Yorkshire & Humber region. Firms attributed this to increased new orders and greater investment spending among clients.
Volumes of incoming new business continued to rise in May, with panellists commenting on a strong increase in new contracts won.
Moreover, the rise in new business remained above the series average.
Meanwhile, employment levels continued to rise for the 12th month running, although at a slower pace than April’s survey which saw a record high. Around one quarter of survey participants commented on higher payroll numbers compared to April, with growth due to stronger client demand.