The Manchester Monitor is a dashboard of Greater Manchester specific data and indicators designed to provide a monthly analytical snapshot of the economic wellbeing of the city region.

————————————————————————————
MAY 2010
————————————————————————————

It’s been a mixed bag for Manchester’s economy this month as the city region continues to stutter out of recession. Indicators show businesses are increasingly struggling in the city region. Bankruptcies have risen in the first quarter of 2010 (creditor bankruptcies up 1.7% on Q4 2009 and debtor bankruptcies up 26.9% ) and the number of companies winding up has increased (up 12.2% ). Job opportunities are also down as businesses try to reign in costs (down 9.6% on March).

Responding to uncertain market conditions, the risk profile of businesses in the city region has risen (39.0% of firms are now classified as ‘high risk’, up 0.1% on last month), making it harder for businesses to attract funding and investment. Indeed, fewer companies are investing in mergers and acquisitions (down 29.4% ), indicating there is a lack of capital for deals. Simultaneously, the share price of Manchester’s listed firms has shown some significant drops in more recent weeks (down 4.1% as of May 21st) after rises in April.

Yet despite this uneasiness, there are some positive indicators. Although down on last month, vacancies are higher than they were a year ago (up 36.8% ), and unemployment fell for the third month in a row in April (down 5.3% on the January peak of 85,020). Figures provided by CityCo also show increasing turnover for retailers in the city centre (up 6.5% annually), whilst footfall is beginning to improve (up 8.5% annually).

Looking forward, it is also encouraging that research by KPMG this month rated Manchester as the most competitive city in Europe, ahead of Paris and London, as well as being fourth most competitive in the world (behind Mexico City, Monterrey and Montreal). However, the balance of risk remains on the downside, particularly as the impact of major public sector spending cuts is still to work through the system.

You can find more detailed analysis and the data throughout May’s Manchester Monitor, which you can explore below.

Sign up to our Twitter feed at twitter.com/mancmonitor

————————————————————————————
worklessness
MONITOR
————————————————————————————

This month, the number of JSA claimants has continued to fall, reaching 80,480 (a 5.0% claimant rate). The continuing fall highlights the availability of jobs in the city region (up around a third on the year), yet the reduction is concentrated in shorter-term claimants – 72.2% of claimants leaving JSA have claimed for 6 months or less. As a result, long-term claimant numbers have increased – New Economy estimates that the proportion of individuals staying on for six months or more has increased in the last two years from around one in five to around one in four.

Access the monthly Unemployment Monitor here.
Access the quarterly Worklessness Monitor here.

————————————————————————————
business
MONITOR
————————————————————————————

The credit risk associated with businesses in the city region increased this month according to Experian, with an increased proportion of businesses being classified as high-risk in March 2010. This followed the regional and national trend.

The number of companies winding up rose concomitantly with bankruptcies, whilst deals in the city region fell. The Manchester Monitor Index showed some slight growth in April.

Access the Business Monitor here.

————————————————————————————
economic
MONITOR
————————————————————————————

House prices fell in the month to March 2010, reaching £111,533 across the city region. Annually, however, house prices are up 1.8%, the first rise annual in house prices since June 2008.

Tourism indicators also show some improvement. Hotel occupancy rates reached 75% in Manchester city centre in March 2010, whilst air traffic increased by 16.8, bringing 21.1 more passengers through Manchester Airport.

Access the Economic Monitor here.

————————————————————————————
GET INVOLVED WITH THE MANCHESTER MONITOR
————————————————————————————

There are a number of ways to get involved with the Manchester Monitor

• Find more detailed analysis and the data sitting under it throughout March’s Manchester Monitor
• Sign up to our Twitter feed at twitter.com/mancmonitor
• Subscribe to the Manchester Monitor mailing list by emailing Chris Pope

For more information on the Manchester Monitor, contact Chris Pope:
t: 0161 237 4024
e: Chris Pope

————————————————————————————
DISCLAIMER
————————————————————————————

All data contained in the Manchester Monitor, and all Monitor-related reports, has been compiled by New Economy from a range of sources and is published for general information purposes only. While every effort has been made to ensure the accuracy of the data and other material contained in this report, the Commission for the New Economy does not accept any liability (whether in contract, tort or otherwise) to any person for any loss or damage suffered as a result of any errors or omissions. The information, opinions and forecasts set out in the report should not be relied upon to replace professional advice on specific matters, and no responsibility for loss occasioned to any person acting, or refraining from acting, as a result of any material in this publication can be accepted by the Commission for the New Economy.