Decline Rate Slowing, Sign of Recovery?
Tuesday, April 14, 2009 20:22
According to an economic survey of the regions, it is suggested that the rate of decline in acitivity in the private sector may be slowing, while apparently confirming Work Foundation data that London is suffering least.
The RBS’s purchasing Managers’ Index divides the UK into 12 regions. In ten, the rate of contraction in the economy slowed in the first quarter of 2009, compared to the previous three months. The regions in which the pace of decline failed to slow were Northern Ireland and South West, while London recorded the slowest rate of deline.
According to RBS’s head of group economics—Stuart Porteous, March’s data provided further evidence that the worst of the downturn may now be behind us. However, it is also warned by him that the pace of decline remains firmly in recession territory.
Employment across all regions continued to fall rapidely as companies stripped out excess capacity, and areas most exposed to manufacturing, such as the Midlands, Wales and the North, were bearing the heavist job losses.
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