The Chamber’s Quarterly Economic Survey monitors economic trends and takes the business temperature, accurately and comprehensively, in a range of areas relevant to our members across West & North Yorkshire. The quarterly report is read by, and relied upon by policy makers across our region.
Please take 3 minutes to complete the online survey (Quarter 4 – open until 27 November)
Summary of Quarter 3, 2018
Domestic sales and orders – Domestic sales for UK manufacturers continue to improve in the last quarter with the number of companies reporting increases up on the previous quarter. Service sector net balance remains largely unchanged, down 1 point to +33%.
Export sales and orders – Manufacturers continue to report export sales growth on a par with last quarter with net balance at +33%. The service sector reports a slowing in the pace of growth, down significantly on the last quarter for sales and orders
Employment – Headcounts across the service sector continue to grow with 60% of companies reporting recruitment activity in the last quarter. Similarly, 61% of manufacturing companies reported recruitment activity in the last three months.
Investment – Capital investment remains sluggish at the moment with manufacturers recording a net balance close to the lowest point in the last five years. It is a similar story with service sector companies as net balance fell 7 points to +19%, growth but sluggish.
Business confidence – Expectations of increasing turnover and profits fell within the service sector. In marked contrast, manufacturing net balance increased across both measures with profit expectations back up to levels last reported in 2015.
Gerald Jennings, Chair of West & North Yorkshire Chamber of Commerce, said:
“With Brexit less than six months away the need for clarity and certainty is very high. There is no doubt Brexit is soaking up much government energy at the moment and there is still plenty which is beyond its control, but I do feel there are things which are very much in its control. Devolution is something this Chamber is hugely supportive of yet the impasse goes on as politicians continue to argue over which geography this ought to cover. The IMF forecasts UK growth will lag significantly behind global growth over the next five years and I believe we need to put political ideology to one side, be pragmatic and secure the powers and funding to ensure a business friendly environment after we leave the EU.”
Previous reports available below