London business growth hit a six-month high in October, Lloyds Bank's regional purchasing managers' index (PMI) showed today.
The London PMI stood at 56.3 in October, up from 54.1 in September - this was the fastest rate of growth registered since April. A reading above 50 signifies growth in business activity while a reading below signals contraction. The bank's PMI figures represent both manufacturers and services businesses from across the UK.
The figures showed that new orders for October rose at the quickest rate since July and also surpassed the national average.
Strong business growth in the capital boosted private sector employment last month, which increased at a faster rate than in September. This is in line with the UK rate of employment, which has been breaking records in recent months.
Paul Evans, regional director for London at Lloyds bank commercial banking, said: “As we enter the closing stages of 2017, London businesses have seen activity gain new momentum.
“Creating and securing a strong new business pipeline is key to the capital’s economy and it’s hugely encouraging to see demand increasing as we approach the end of the year. Firms continue to face hefty input costs, but if new business growth continues then they will be better-equipped to manage these.”