Business activity edges to stability

The private sector economy in Northern Ireland is starting to show signs that the worst of the downturn is over, new figures indicate.

Business activity is edging toward stability, with the rate in overall decline slowing, and some sectors are starting to grow again, according to data from the Ulster Bank.

The bank’s Purchasing Managers’ Indexes (PMI), which provides a benchmarked snapshot of the economy, noted that May saw the service industry record its first upward turn in three and half years, with the first rise in new orders in five years.