West Midlands economy suffers further falls

The latest West Midlands Chamber of Commerce Quarterly Survey released today makes grim reading as it reports further declines in economic output and a worsening of prospects for the next quarter.

Manufacturing firms in the West Midlands reported significant falls in domestic orders and further worsening of exports. This is impacting on investment and confidence, with fewer firms reporting plans for capital investment as expectations of profitability and turnover decline.

In services the picture is mixed, with domestic orders falling but strong growth in exports. Employment growth, while positive, has slowed on the previous quarter and cashflow has deteriorated. In the light of the continuing uncertainty the survey reports business confidence levels falling.

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