West Midlands output decreased further at the start of 2023 but the downturn was mild and the slowest in three months, according to newly published research.
The latest NatWest PMI, a seasonally adjusted index that measures the month-on-month change in the combined output of the region's manufacturing and service sectors, was at 49.0 in January, little-changed from 48.9 in December and signalling the weakest rate of contraction since last October.
Some companies lowered output due to reduced new business while others signalled growth amid tentative signs of an improvement in demand and successful marketing efforts. The local fall in output was the second-weakest of the 11 regions that noted a decline.
