ECONOMIC recovery is continuing – but the pace of growth is too slow, according to a survey out today.
The latest quarterly poll by the Huddersfield-based Mid Yorkshire Chamber of Commerce presented a “mixed bag” of results.
Member companies across Kirklees, Calderdale and Wakefield reported that domestic sales and order books slipped back during the second quarter of 2011, while cashflow balances continued to decline.
However, manufacturers’ export sales improved and employment was holding steady.
Steven Leigh, chamber head of policy and representation, said: “These results confirm the fragility of the UK’s economic recovery and the continued uncertainty felt by members about prospects.
“The cautious optimism reported earlier in the year has now been replaced by lack of confidence and declining expectations of turnover and profit for the remainder of this year.
“On a more positive note, manufacturers are reporting increased sales and orders in export markets.
“And despite serious concerns about declining cashflow balances, we welcome the reported increases in capital investment in plant and machinery.”
Mr Leigh said: “Achieving the UK’s economic recovery will be a long hard slog.”