Business conditionsA lack of new orders forced more companies in Northern Ireland to lay off staff last month, according to latest research which suggests business conditions there are continuing to deteriorate.
According to Ulster Bank, business activity decreased for the ninth month in a row during August, with the pace of reduction picking up.
The bank’s latest purchasing managers’ index, which is a measure of the general health of the private sector, showed a sharp drop in both output and new business.
Richard Ramsey, chief economist Northern Ireland with Ulster Bank, said the manufacturing sector in particular recorded a significant contraction.
The latest survey shows that local business activity slumped for the ninth month in a row, suggesting there is no sign of any recovery on the horizon.
Mr Ramsey however said there was a tiny glimpse of hope for the North’s economy.
“Whilst the hard economic facts on the ground do little to encourage optimism, it should be remembered that not all firms in all sectors are suffering.
“Even the latest survey indicates that a proportion of firms continue to buck the wider trend in terms of rising output and orders. The problem remains, however, they continue to be outnumbered by almost two to one.”
