Greater Manchester Chamber Releases Latest Economic Outlook
3 months ago
Greater Manchester Chamber of Commerce has released the latest edition of its Economic Outlook looking at key economic indicators from government and other sources to assess what impact they will have on business and wider living conditions.
With two significant elections on the horizon for Greater Manchester and the UK, the Chamber is providing the business community with the essential information required to make well-informed decisions.
Here are some of the highlights from the latest Economic Outlook:
• There was an unexpected fall in growth in October confirming the low-to-no growth cycle the UK economy is currently in.
• Regular pay rose by 7.8% (private sector 8.2%; public sector 6.2%) the highest annual growth since 2001, fuelling concerns about another interest hike as this level of wage growth is incompatible with the Bank of England’s 2% inflation target.
• Unemployment rose from 4% to 4.2% and the number of vacancies fell again, down 66,000 although there are still over a million vacancies.
• Total UK export volumes fell 0.3%; volume of goods exported to the EU slumped 7 % in October following a 3.4% fall in September - the main areas of decline were chemicals, manufactured goods (including pharmaceuticals) and food.
You can download the full report at https://www.gmchamber.co.uk/campaigns/economic-outlook/
Pictured; Clive Memmott OBE, Chief Executive of Greater Manchester Chamber of Commerce
Greater Manchester Chamber of Commerce is the largest Chamber of Commerce in the UK, providing business support to approximately 4,500 members who collectively employ 446,000 people, around one-third of Greater Manchester’s workforce.
Recognised as a leader in its field, Greater Manchester Chamber’s reputation in government circles has grown locally and nationally. At the heart of the area of greatest economic intensity outside London and the South East, the Chamber is the primary body for business support, policy, representation and networking.
The Chamber is an independent, not-for-profit private company and its aim is to support businesses and help create the best climate for the region to prosper. This is achieved by ensuring that those taking decisions on key issues such as transport, taxation and business regulation hear the voice of our members. The representation of our members’ views is central to the work of the policy team at the Chamber; these views are gathered in a range of ways including our local councils, policy committees, sector councils, the main Chamber council, focus groups, meetings with politicians and consultations.
The Chamber also offers a range of networking forums across Greater Manchester, free as part of membership, plus a variety of other events and services designed to benefit specific sectors or individuals and help businesses to grow.