2020 outlook is bright for businesses in the East

The outlook for 2020 looks brighter, with analysts reporting that business sentiment in the East of England jumped to a 20-month high in December.

“We certainly support this regional trend and we are feeling very positive about a good year ahead,” said Justin Murray of Norwich accountancy recruitment specialists, Big Sky Additions.

The East of England Purchasing Managers Index (PMI) showed business expectations strengthening to the joint-highest since April 2018, and workforce numbers continuing to rise.

“We have seen demand from employers looking to fill a range of roles, from a financial accountant in Diss to a purchase ledger controller in Great Yarmouth. There is also demand for auditors in Norwich and we are recruiting for a range of payroll jobs in Norfolk,” explained Justin, who recruits for full time and part time accountancy jobs in Norfolk and Suffolk.

The Purchasing Managers Index (PMI) is an economic indicator comprised of monthly reports and surveys from private sector manufacturing firms. PMI business surveys are favoured by central banks, financial institutions and business decision-makers for their accurate, up-to-date monthly indicators of market trends.

The index surveys product managers, who are the individuals that buy the materials needed for a company to manufacture its products. PMIs are calculated by surveys, which ask purchasing managers whether they think business and industry conditions have improved, remained constant or deteriorated compared to the previous month. The results of a PMI can inform market sentiment and provide the basis for trading decisions.

Bosses linked their optimism to reduced political uncertainty and hopes of improved demand and higher sales. The NatWest future business activity index also rose from 59.3 in November to 66.7 in December. December data did highlight some tentative signs of a recovery with private sector firms recording back-to-back jobs growth and improved output expectations.