July sees muted activity and growth among North West businesses

July was a slow month for business activity and growth in the North West, according to new data.

The latest Purchasing Managers’ Index (PMI) from Lloyds Bank found that last month was the slowest of the year so far for new orders in the North West’s private sector and startup growth across the region.

The survey also discovered that job creation in July was at its weakest since October 2014. While overall business activity was only slightly higher than the month previous, the North West was found to be the third weakest region for business activity of the 12 regions included in the survey.

Commenting on the results, the bank’s director of North West SME banking, Martyn Kendrick, said: “Private sector activity growth in the North West was only moderate and broadly unchanged from June’s 26-month low in July, underpinned by the slowest increase in new work this year so far.

“On the price front, inflationary pressures eased, as the falling euro/pound rate lowered unit costs from Europe. Meanwhile, charges rose for the first time in four survey periods, although at a softer rate than the historical average.”

Manufacturing output contracted slightly, while service sector activity showed a small increase.

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