Caution despite economic strength
Published Date:
18 August 2008
The North West's economy is showing remarkable resilience, but the pressures on it are continuing to intensify.
That was the gloomy conclusion of July's business data survey carried out for the Royal Bank of Scotland which signalled the region experienced a expansion of private sector output in July, a rebound from the fall seen in June.
Philip McKinnon, economist at the bank, said: "The North West was the most resilient regional economy in July. It was the only UK region to record an increase in business activity. Despite this, forward looking indicators give little cause for celebration.
"New orders were static and backlogs declined markedly, contributing to further falls in employment.
"Inflationary pressures also persisted adding to the challenging business environment."
The seasonally adjusted Business Activity Index recorded 51.5 in July, up from 47.6 in the previous month.
The North West was the only region to achieve an expansion of activity in July.
The full article contains 159 words and appears in Wigan Evening Post newspaper.
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Last Updated:
18 August 2008 11:09 AM
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Source:
Wigan Evening Post
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Location:
Wigan
