North’s private sector slows

The North’s private sector economy slowed last month, as business activity growth eased to a 16-month low, with the services and retail sectors leading the slowdown.

October also saw firms’ staff hiring levels dip to the lowest pace for nearly a year. The findings form part of the latest monthly Ulster Bank PMI (purchasing managers’ index) for the Northern Ireland economy and the bank’s chief economist for the region Richard Ramsey said growth rates still compare favourably with long-term averages.

“This slowdown is not unexpected, as growth rates tend to moderate as a recovery matures,” he explained.