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Manchester Monitor: Challenging times for Greater Manchester as UK recovery slows
New Economy has released the September 2011 edition of the Manchester Monitor, which provides a monthly snapshot of the economic wellbeing of Greater Manchester.
This month’s analysis by New Economy, whose purpose is to create economic growth and prosperity for Manchester, highlights the disappointing news of a contracting labour market, declining manufacturing activity and wage increases continuing to remain below inflation. The latest UK unemployment figures for April to June show that the number of people out of work grew to 7.9%, a rise of 32,000 on the figure over the same period in 2010.
Set against the national picture of more downbeat economic trends, the September Monitor shows that the number of Jobseekers Allowance claimants in Greater Manchester has grown by more than 4,750 since July 2010 to reach 79,000. Long-term and youth JSA claimant numbers are also increasing.
The Monitor also reports that the average property price was just under £107,000 in July, similar to the June figure. The housing market in Greater Manchester is effectively at a stand-off as sellers remain reluctant to cut prices and buyers are unwilling or unable to pay what they perceive to be over the odds for properties.
More positively, there are signs that Greater Manchester’s international standing and competitiveness is growing. In August it was announced that Manchester Airport is to become the sister airport of Beijing Capital International Airport. This will ultimately lead to direct flights to China and support increased passenger growth. Passenger numbers at Manchester Airport were over 1.9 million in June, representing year-on-year growth of 4%.
Hotel occupancy levels also give cause for optimism, with average occupancy of at least 80% in Manchester city centre and Greater Manchester in July. A further boost came when Manchester was ranked in 42nd position out of 140 cities by the Economist Intelligence Unit’s Global Liveability Rankings – 11 places higher than London.
Baron Frankal, Director of Economic Strategy at New Economy, said: “The UK economic outlook is looking increasingly downbeat and Greater Manchester is not immune to the challenges which this presents. Even taking into account changes to the way benefit claimant numbers are reported, the JSA figures this month are worrying and indicate the fragility of the labour market.
“Despite the relative gloom, the fact that Greater Manchester is continuing to grow its profile on the international stage is encouraging and the Enterprise Zones at Airport City and the recently announced Daresbury Science & Innovation Campus show that Greater Manchester is working hard to emerge from the downturn with the right components to deliver sustainable economic growth.”
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