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Northern Ireland’s private sector saw its order books grow at the fastest level in more than two years in June, according to a survey by Ulster Bank.<\/p>\n
Every month, the bank asks firms from across the private sector about staffing levels, order books and exports in what is considered a reliable indicator of economic performance.<\/p>\n
It suggests new orders increased at the fastest pace since February 2022, feeding through to what it described as a “marked rise” in business activity.<\/p>\n
However, the rate of job creation was modest, amid some reports of difficulties sourcing new staff.<\/p>\n<\/div>\n
Ulster Bank chief economist in Northern Ireland Richard Ramsey said it showed Northern Ireland’s private sector was in a much better condition than it had been in January.<\/p>\n
“New order growth in Northern Ireland was the strongest of the 12 UK regions in June,” he said.<\/p>\n
The survey considers four sectors of the economy – services, retail, construction and manufacturing.<\/p>\n
The bright spot in June was manufacturing, with output and orders growing at their fastest rate in more than two years.<\/p>\n
But despite this demand, Mr Ramsey said staffing levels fell for the third month in a row, with manufacturers citing recruitment difficulties and challenges replacing those leaving the industry, which was constraining capacity to meet growing demand.<\/p>\n
\u201cThe latest figures have been compiled in the mouth of a general election. But the private sector, like households, eagerly awaits announcements from the next government,” he said.<\/p>\n
“An emergency budget is expected, the only questions are when, and what will be in it?\u201d<\/p>\n<\/div>\n