New business up for 23rd month

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Business conditions in Yorkshire and the Humber improved further in June, as output hit a four-month high and new business rose for the 23rd month in a row, a survey shows.

Companies hired workers for the 13th month on the trot - while the pace of job creation was higher than in the previous month, according to the Lloyds Bank Purchasing Managers’ Index.

Leigh Taylor, of Lloyds Bank Commercial Banking, said: “There was an increase in new orders driven by both manufacturers and service providers in the region. “Employment levels also remained in strong growth territory, with firms attributing the rise to higher production and efforts to cope with accumulated backlogs.”

Average purchase costs rose further in June, with panellists reporting higher prices paid for energy and raw materials, she added.

The overall rate of cost inflation was moderate, but faster than in the previous month. The latest rise in purchase prices was nonetheless slower than the UK average for the third month running.

Some additional costs were passed on to clients, as average tariffs rose further in June.

The Yorkshire & Humber PMI survey features original data collected in June from a representative panel of companies operating in both manufacturing and service sectors.

Purchasing Managers’ Index surveys are monthly surveys of selected companies which provide an advance indication of what is happening in the private sector economy by tracking variables such as output, new orders, employment and prices across both manufacturing and service sectors. The PMI surveys are are the first indicators of economic conditions each month.