There was a slowdown in the rate of business activity growth across the North West in May reflecting a loss of momentum in the post-lockdown recovery and headwinds to demand from rising prices and economic uncertainty, according to new data.
NatWest's latest regional PMI figures also show that firms reported a sharp increase in charges for goods and services as they continued to grapple with rising costs, although a rise in employment was indicative of relatively resilient business confidence in the region.
The headline North West Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – registered 53.0 in May.
