THE North West economy continued to deteriorate markedly in January, according to the latest PMI Business Survey Data for the Royal Bank of Scotland (RBS).
The survey showed the region’s private sector companies reported another sharp contraction in business activity during the month.
And the decline was faster than the UK average, as highlighted by a seasonally adjusted Business Activity Index level of 35.9 (compared to a UK reading of 40.6).
Respondents cited thinner order books and fewer sales (particularly from the US and East Asia) as the main reasons for the latest retrenchment.
Philip McKinnon, an economist at RBS, said: “The outlook for jobs in the region was bleak as employment fell at the fastest pace since the series began in 1997.”
