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A Quarterly Economic Survey report by the Greater Manchester Chamber of Commerce reports 'cautious optimism' among businesses in all sectors, despite continued difficult market conditions.

The findings show that 46% more companies in the manufacturing sector reported increased confidence levels for future turnover when compared to the previous quarter. The sector also stated an overall 27% increase in UK sales.

This improved confidence was also mirrored in the service sector.

The survey also shows an increase in the number of businesses expanding their workforce, but this was overshadowed by a still larger number of firms that were reducing their number of employees.

Holly Keogh, Assistant Policy Manager at Greater Manchester Chamber, said:

"Firms across Greater Manchester are still facing tough trading conditions and growth is slow. However, there is a cautious optimism among businesses with confidence returning across all industries."

She adds: "This confidence is still fragile but it is a vast improvement on the results of our previous quarterly economic survey."

Published by Jo on Monday, 12 October 2009 at 9:15 AM