MONDAY 13th FEBRUARY 2012

West Midlands in output boom

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The West Midlands enjoyed the fastest output growth of all regions in January, a report has found.

The latest West Midlands PMI (Purchasing Managers Index) report by Lloyds TSB Commercial also said that job creation levels have reached a four-month high while input prices rose at their weakest rate for two-and-a-half years.

David Garbutt, area director for Lloyds TSB Commercial in the West Midlands, said:

January's PMI figures signalled a promising start to 2012 for the West Midlands economy. Private sector output rose at the fastest pace for 21 months, propelling the region to the top of the UK regional growth rankings. With firms reporting a marked expansion in incoming new business, supported by improved client demand, job creation in the region received a boost, and employment increased at the fastest rate across the whole of the UK in the latest month."

The headline index number - which tracks the combined output of the region's manufacturing and service sectors – was at 58.8 for January, up from 54.0 in the previous month.