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.
A welcome boost for manufacturers (published Tuesday 17 October 2017)
DOMESTIC SALES AND ORDERS – Service sector sales is five points down from last quarter but annual moving average continues to grow. Manufacturing sales bounced back significantly in the last quarter with companies across the majority of sub-sectors reporting growth.
EXPORT SALES AND ORDERS – Manufacturing continues to grow export sales, with net balance now back to its post-recession peak in Q2 14. Service sector exports are also back to their highest point since Q1 15.
EMPLOYMENT – The pace of growth in manufacturing headcount levelled out last quarter. Service sector continues to create jobs but the pace of job creation begins to slow. 47% of service sector and 63% of manufacturers attempted to recruit in the last three months. 57% services and 64% of manufacturers reported difficulties recruiting.
INVESTMENT – Manufacturing capital investment at its highest level since the recession. Training investment also increased, back to its long term average. Service sector investment continues to take place but with a small fall in net balance, down 1 point to +21% and remains largely unchanged since the pre-referendum pause for breath in Q3 2016. Training investment over the last quarter also saw a small increase with net balance up 3 points.
BUSINESS CONFIDENCE – Service sector confidence continued to grow in the last quarter with expectations of increasing turnover and profits up 5 points and 10 points respectively. Similarly, the manufacturing sector reported increases of 15 and 10 points for turnover and profitability back to levels last reported in 2015.
The full report is available here.
Thank you to Bond Dickinson for supporting the latest Quarterly Economic Survey – it is much appreciated. A contribution is included in the report.
Previous reports available below