Highlights from the Lloyds Bank UK Recovery Tracker
The upswing in world economic activity remained strong in June according to the latest Global Purchasing Managers’ Index (PMI). Although the headline Output index slipped to 56.6, from May’s 15-year high of 58.5, it was still one of the highest readings recorded by the survey, ensuring that Q2 saw the strongest quarterly growth rate since 2006.
Transportation sector increased only slightly since May, with survey respondents widely noting a slump in consumer confidence for overseas travel due to uncertainty about the ‘traffic light’ system.
The vaccine dividend within the US and Europe was critical in boosting the sector. Aligned to the reopening of leisure and hospitality businesses, the sector returned to employmentgrowth, ending a 16-month period of staff cuts.
Private sector employment levels rose at a record pace, as firms stepped up hiring to meet increased demand and boost capacity. Nevertheless, recruitment was reported as frequently impeded by a lack of staff availability, especially in key growth areas such as hospitality where survey respondents noted that applicant numbers from the EU were particularly low.
Find the complete Lloyds Bank UK Recovery Tracker here. (PDF)