Job creation in the Yorkshire and Humber is at one of the strongest paces in the UK in November, according to the latest Lloyds Bank Regional PMI report.
The rate of employment growth from the region’s companies was matched only by the East of England, as Yorkshire firms hired additional staff for the fifteenth month running.
A slowdown in business activity growth
The Yorkshire & Humber PMI registered at 54.9 in November, down from 57.0 in October and the lowest reading for 12 months.
A reading above 50 shows growth in the total value of goods and services produced, whereas a reading below indicates decline.
Local businesses recorded a rise in new orders, linking this to competitiveness in export markets and successful marketing campaigns. However, the pace of expansion showed little improvement from October’s 11-month low.
Meanwhile, firms experienced another rise in input costs, which include utilities, salaries, rents and other overheads.
This was linked to the weak pound, rising fuel prices and steeper raw materials prices. Businesses passed this increase in input costs on to customers in the form of higher selling prices.
“Yorkshire & the Humber maintained its position as one of the UK’s main hot spots for job creation in November, with firms expanding as they look to take advantage of new business opportunities,” said Leigh Taylor, Regional Director for Yorkshire at Lloyds Bank Commercial Banking.
“The region has generally outperformed the UK as a whole throughout the year so far; however, this was the first month that business activity growth was in line with the national average and firms must now look for new ways to gain an advantage.”