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North West economy at standstill

Private sector growth has come to a standstill in the North West, as June’s PMI sits around the 50 mark from the previous month. Compared to a nationwide PMI of 51.4 in June, the North West’s issues are reflected around the country.

These PMI figures represent the lowest numbers since November 2011, reports Manchester think-tank, New Economy.

North West housing is also stalled, as average house prices have stayed around the same price of just over £111,000, which represents a 1.3% decline from this time last year.

Despite these worrying statistics, manufacturing sectors and service sectors are strong in the second quarter. New Economy’s reports show that 16% of manufacturers said they had positive export orders, while 12% of companies in the services sector said their exports were strong.

One major industry for the region saw a decline as less passengers are going through the North West’s three major airports. Manchester Airport saw a reduction of 1.2% passenger, like for like, while Liverpool John Lennon had a huge decline of 20% in passenger number between April 2011 to April 2012. Blackpool Airport was also victim to a fall of 10% between May 2011 and 2012.

This was posted in Bdaily's Members' News section by Miranda Dobson .