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.
The year ended on an optimistic note (published January 2018)
Domestic sales and orders – The service sector continued with increased domestic sales, as the survey’s net balance was at its highest point for two years. Forward orders grew for the fourth consecutive quarter. Manufacturers continue to report sales growth, but the pace slowed somewhat. However, the annual moving average continues in the right direction.
Export sales and orders – Service sector exports remain in a good position, despite the net balance falling slightly in the last quarter. The balance, though, is 26 points higher than its low point in Q2 2016 (during the EU referendum campaign). Manufacturing exports fell slightly from last quarter’s 2.5 year peak, but is still buoyant.
Employment – A slowing pace for manufacturers, with a 13-point drop in the balance, back to Q2 2016 levels. The number of companies reporting growth in headcount increased within the services sector, up 5 points. Almost half of respondents from both services and manufacturing tried to recruit last quarter, with fewer companies reporting difficulties finding suitable candidates.
Investment – The pace of investment slowed across all sectors in both capital and training. The three consecutive quarters of growth in capital investment by manufacturers fell back to +20%, the same position as one year ago.
Business confidence – Expectations of increasing turnover slowed in manufacturing; however, the sector is more confident about increasing profits as we see a greater focus on a mix of cost reduction and price increase measures being implanted. Services also showed a slowing of confidence, with cost reductions and price increases being implemented.
The full report is available here.
Thank you to Ad:Venture for supporting the latest Quarterly Economic Survey – it is much appreciated. A contribution is included in the report.
Previous reports available below