The latest JSA figures reveal another solid decrease in claimants in Stockport and Greater Manchester (GM), continuing the positive trend seen in recent months, as reported in New Economy’s August newsletter.
Whilst there is no doubting that this remains a tricky period
for the labour market, GM is taking significant steps to
secure future jobs for the conurbation, that will in the long
term help to ensure that GM and its residents can benefit
from the economic recovery.
GM’s recent Regional Growth Fund success is evidence of that, with funding secured to support the growth of science enterprise and to help repatriate textile manufacturing back to the conurbation from abroad. Both projects will help to create thousands of local jobs at all skills levels.
The latest figures from the Department for Work and Pensions show that 79,300 people were claiming Jobseeker’s Allowance (JSA) in GM in June 2013 – a decrease of 3,200 (3.8%) compared to the figure for May 2013 of 82,400. The North West (3.5%) and Great Britain (3.8%) also saw monthly decreases. As a proportion of the resident working-age population, 4.5% of people in GM were claiming JSA in June – which remains higher than the North West (4.0%) and Great Britain (3.5%) as a whole, highlighting the outstanding economic challenge. Youth unemployment (JSA claimants aged 16–24) in GM also declined between May and June, falling by approximately 960 to 20,655. Year-on-year, the number of youth JSA claimants is now 15.3% (3,725) lower than this time last year.
The latest English Business Survey from the Department for Business Innovation and Skills found that over the last 12 months businesses in GM have been largely resilient to the tough trading conditions, with the majority of businesses reporting that employment, labour costs and output prices were largely the same in Q1 2013 as in Q4 2012.
GM Chamber’s latest Quarterly Economic Survey is also encouraging, finding that employment levels in GM have increased in both the manufacturing and service sectors.
There was good news too for Manchester Airport, where annual passenger numbers hit 20 million for the first time since 2009. Manchester Airport also experienced the fastest growth rate of all of the UK’s major airports. Adding to the good news was the latest hotel data, which revealed occupancy levels in the city centre and GM in June 2013 had both increased on an annual basis.
Crime continues to fall in GM, with the latest crime comparator data revealing that the number of offences committed per 1,000 of the population had fallen substantially in GM.
The housing market, however, continues to struggle, with latest data from the Land Registry showing further falls in GM house prices, by 2.1% for the year to June 2013, to an average price of £101,904. By contrast, England & Wales as a whole saw a small annual rise in house prices, while London continues to see strong annual growth. House sales in GM also continue to fall, declining by 10.5% on an annual basis, in stark contrast to both the North West and national picture where house sales rose by a similar amount.
All data included in the Manchester Monitor is available for download at : http://neweconomymanchester.com/stories/1752