Growth in North hits two-year low

GROWTH of private sector output in Northern Ireland slowed to a two-year low in May, according to the latest survey of purchasing managers in the region by Ulster Bank.

The Purchasing Managers’ Index (PMI) recorded its 11th decline in 14 months and came in below the average for Britain for the eighth month in a row.

Ulster Bank chief economist Pat McArdle said: “Private sector activity and employment are still growing but the rates of increase are quite modest. From an employment perspective, this is an improvement on the first quarter when employment was static but activity continues to trend lower. On the plus side, the gap with Britain has narrowed.”