More jobs but continued economic uncertainty in June 2011

New Economy has released the June 2011 edition of the Manchester Monitor, which provides an analytical 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 – continues to warn that economic uncertainty still remains, despite job opportunities emerging across Greater Manchester.

The latest statistics show a decline in business deals, an increase in jobseekers, further difficulties in the housing market, and a drop in hotel occupancy rates. However, these were offset somewhat by rising vacancies and reported rises in passenger and flight numbers at Manchester Airport.

There were 249 unpaid county court judgements against businesses in March 2011, an increase from last month (229). Meanwhile, retail businesses saw an increase in turnover in the year up to March 2011.

Manchester Monitor also reports that, with the exception of Wigan, jobseekers allowance claimants rose between March and April 2011 across Greater Manchester’s local authorities. However, year-on-year, a reduction of nearly 5% is seen across Greater Manchester and job vacancies have increased by approximately 3,000.

The latest figures from March also show that hotel occupancy in Greater Manchester fell 1.7% year on year to 68.6. However, this is largely due to Easter falling later this year than in 2010. This has had a knock-on effect on footfall which has fallen 11.3 on the year – compared to an annual growth of 9.5% last month.

Dr Alexander Roy, head of research at New Economy said: “The increase in job vacancies is encouraging but it must be taken into consideration that there is also a rise in jobseekers this month. As always, we’re urging the local business community and our stakeholders to proceed with a certain degree of caution.”

Baron Frankal, Director of Economic Strategy at New Economy said: “June’s monitor shows another mixed message for 2011. However, it’s still widely recognised that the economy is going through an extremely uncertain period and the stats show increasingly compelling circumstantial evidence that any economic recovery is stalling. As we’ve seen reports in the news today, there are calls for the newly created LEPs in places like Greater Manchester to be given more financial power to drive economic growth – suggesting that there is a consensus to gain a tighter grip of the economy.”

ENDS

Notes to Editors
For further information please contact Mark Coleman, Communications Manager, Marketing Manchester on 0161 238 4586. Email: Mark Coleman

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