YOrkshire and Humberside had the strongest rate of job creation across all 12 UK regions in January, according to a new survey.
The rate of growth in private sector employment was the fastest since May, 2004, and was the second highest increase in jobs created in the history of the survey, says the Lloyds TSB PMI (purchasing Managers’ Index) Index that tracks output, new orders, prices and jobs across a range of companies in the manufacturing and service sectors.
Workforce expansion occurred in both the manufacturing and the service sectors.
Lloyds TSB say the surveys are based on facts gathered via questionnaires, not opinions, and are the first indicators of economic conditions each month.
Acording to the findings, output increased at a marked rate, reflective of stronger new business growth, which had led to increased private sector employment.
Output growth has now been recorded for the twentieth successive month with the latest rise the fastest since last May. The rise in business activity contionued to be faster than the UK average. According to the report, the growth was led by the manufacturing sector.
Details of the survey indicated that the latest increase in business acivity could be attributed to faster growth in new orders among the companies surveyed. New business increased at the strongest pace in nine months and was much faster than registered in December.
Phil Hawker, area director for Lloyds TSB Commercial in Yorkshire and the Humber, said: “ The Yorkshire and Humber region started 2011 in a strong position with output and new order gorwth quickening to eight and nine-month highs respectively.
“This lead to a strong rate of job creation and employment growth in Yorkshire and Humber and it remained the fastest of all 12 UK regions.”
There was less positive news too , with the Yorkshire and Humber region posting the fastest rate of input price inflation of all the UK regions in January, with input costs rising at the most marked pace for two and a half years with these costs based on to the companies’ clients in January.