Lloyds Bank PMI shows business and employment boost in London

The latest Lloyds Bank Regional Purchasing Managers’ Index (PMI) has shown a boost in London’s business activity and the rate of employment growth in the second quarter of the year.

The London PMI registered 56.9 in April, increasing from 56.4 in the previous month, with business activity in the city growing at its fastest rate in 16 months.

Demand

The Lloyds Bank PMI, which checks the economic health of UK regions, compared the amount of goods and services produced in April with March and found that there was an increase in demand in the second quarter of the year, resulting in a boost in job creation.

The PMI showed that employment in London continued to remain at a high in the second quarter of 2017, with the rate of employment growth in the city reaching its highest level since November 2016.

There was also an increase in prices charged for goods and services as a result of a rise in input costs, with prices increasing at the fastest rate so far this year.

Encouraging

Commenting on London’s business and job activity, Lloyds Bank Commercial Banking Regional Director for London Paul Evans said: “The rising rate of business activity growth in London is encouraging to see, with new business increasing at the fastest pace for nearly two years.”

He added: “This momentum is thanks to the increasing demand for goods and services in the capital, which has had a knock-on effect on job creation.”

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