South East: Region's firms report increased output in November

South East firms reported a rise in the output of goods and services in November, supporting job creation across the region, according to the latest Lloyds Bank Regional PMI survey. 

The South East PMI rose to 54.9 in November, up from 54.0 in October. A PMI reading greater than 50 signals growth in business activity.

Data for November showed firms experienced growing demand for products and services, albeit at a slightly slower pace than in the three months to October. Nevertheless, South East firms continued to create new jobs to help fulfil orders.

Businesses also faced higher fuel prices, with a weaker pound adding to the rising costs of raw materials. These all contributed to a sharp increase in input costs which were passed on by South East businesses in the form of rising prices.

The Lloyds Bank PMI, or purchasing managers’ index, is the leading economic health-check of UK regions. It is based on responses from manufacturers and services businesses about the volume of goods and services produced during November compared with a month earlier.

Ian Patterson, regional director for the South East at Lloyds Bank Commercial Banking, said: “The South East economy continued to improve in November, as output growth strengthened for a second successive month.

“Firms continued to create new job opportunities, and this impressive momentum should set them up for what will hopefully be a successful 2017 for the South East.”