Growth markets critical to reducing unemployment in Greater Manchester

Figures released today show that 84,900 people were claiming Jobseeker’s Allowance (JSA) in Greater Manchester (GM) in September 2012 – virtually in line with the figure for August 2012 of 85,000. On an annual basis, the overall number of JSA claimants has increased by 2,400 (3.0%) in Greater Manchester.

Youth unemployment (JSA claimants aged 16-24) in GM increased on a monthly basis between August and September, rising by around 200 to approximately 25,000. More positively, on an annual basis the number of youth JSA claimants has fallen in GM by 1,900 (7.0%).

There was a fall in long-term (6 months+) claimants in GM to 38,200 in September 2012, a monthly decline of 1.5% (-600) compared with August 2012. On an annual basis, the number of long-term claimants remains substantially higher (21.4% more, or an increase of 6,700) than this time last year and mirrors the situation in the North West (+21.2%) and Great Britain (+16.7%).

Commenting on the data Baron Frankal, director of economic strategy at New Economy, said: “To create more jobs in Greater Manchester and a return to economic growth, our aspirations must stretch far beyond the local. Our future prosperity is increasingly reliant on direct foreign investment and overseas trade.

“We’re already making waves in these areas, forging strong links with the growth markets, and above all in China, but we need to make bigger ones. Last month, Manchester staged a very successful business development tour of China, and in the coming months we hope to launch an innovative and ambitious Manchester-China Forum, which already several of the UK's big names have put themselves forward for, and Lord Nat Wei has agreed to be a Director of.

“To maximise our engagement with these foreign markets, we need to leverage Manchester’s strengths, and address its weaknesses. That we have a good story to tell is shown every week, recently with the arrival of US-tech firm Eon Reality, amongst the world leaders of the 3D immersive technology that is lining up to revolutionise learning in schools and much else besides. More prosaically it brings instant jobs and the development of a specialist ‘coding school’ to nurture our local talent base and make Greater Manchester an obvious place to exploit this technology. This is exactly the kind of initiative Greater Manchester needs more of to stay ahead of the game and make next years jobs figures better.”