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Services sector drives region’s growth in April

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Activity and new business in the region’s private sector rose in April driven by the service sector and employment rose at the fastest pace since June 2011, according to a survey of purchasing managers.

The seasonally adjusted Lloyds TSB East of England business activity index posted 53.4 in April, pointing to a ‘solid increase’ in activity compared to 53.8 in March and a growth rate slightly faster than the UK average. The survey said the pace of new order growth quickened but remained modest. But the rate of job creation in the region accelerated in April, as increased workloads prompted companies to take on extra staff at a faster pace than the national average. Input prices increased sharply in April, notably fuel costs and price inflation was largely centred on manufacturing firms.

Steve Elsom, area director for Lloyds TSB Commercial in East Anglia, said: “The latest survey shows that the East of England saw further growth in output, new orders and employment during April. The rate of job creation was particularly positive as employment rose at the fastest pace since last June. Input prices increased sharply again, although it was a relief that the rate of inflation decelerated slightly after the marked pick-up in March.”

Last Updated ( Friday, 15 June 2012 12:03 )