Monday, 7 November 2011

Stark realities for Manchester's economy as the global downturn bites

The fragility of national and global economic conditions is reflected in Greater Manchester in the latest figures on the number of people claiming Jobseekers Allowance, with the number of claimants growing by 7,800 in the 12 months to September 2011.

The latest Manchester Monitor says that serious fears remain about the prospects for the UK economy, especially in light of the continuing eurozone crisis.

The report adds that the housing market in Greater Manchester remains quiet, with sales having been relatively flat since March this year.

The commercial property market saw slightly lower levels of take-up during Q3 2011, though upcoming inward moves to GM will see Etihad and Aegis take more than 60,000 sq. ft of office space, creating over 700 new jobs.

Meanwhile,the report highlights the stark reality that an increase in GCSE results across Greater Manchester has not been able to halt the rise in youth unemployment.

The analysis shows that GCSE levels of achievement for 2010/2011 increased across the whole of Greater Manchester with more than 50% of all students in each local authority achieving 5 or more GCSE’s at grades A*-C.

Despite the improved results, youth unemployment continues to rise in the region with the number of 16–24 year olds claiming Jobseeker’s allowance, rising to nearly 27,000 in September,a 4.5% increase from August 2011.

No comments: