Confidence in the economy is rising among North West businesses, new data shows, with almost 60% of firms planning to take on new staff. Tony McDonough reports
Latest Business Barometer from banking giant Lloyds shows a rise in business confidence among North West firms.
Overall business confidence in the region was up by three points to 55% in June. While firms’ optimism in their own trading prospects dipped by two points to 52%, their optimism in the economy climbed eight points to 57%.
Many also have plans to increase headcount with a net balance of 59% of respondents expecting to increase staffing levels over the next year. Overall UK business confidence increased one point in June to 51%
Looking ahead to the next six months, businesses in the region identified their top target areas for growth as investing in their teams, through training (44%), evolving their offering, introducing new products or services (38%) and entering new markets (35%).
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Business confidence in the manufacturing and retail sectors saw significant gains this month, with 12-point rises in both sectors to 52%. For manufacturing, this demonstrates an 11-month high.
Construction and services however saw decreases in confidence, with falls by five points and four points respectively.
Jenny France, area director in the North West at Lloyds, said: “For nearly a full year now, North West business confidence has remained above the national average – a testament to the resilience and ambition of the region’s economy.”