Greater Manchester Chamber of Commerce Unveils Critical Insights in Latest Economic Outlook

The Greater Manchester Chamber of Commerce has published its newest edition of the Economic Outlook, offering a comprehensive analysis of current economic trends.

This edition arrives at a crucial moment, with two significant elections impending in Greater Manchester and the UK.

The report serves as a pivotal resource for the business community, equipping them with vital data and insights to make informed decisions in a dynamic economic landscape.

Key Highlights from the Economic Outlook:

• Unexpected Economic Downturn: The report notes a surprising decline in growth during October, evidencing a persistent phase of low-to-no growth in the UK economy.
• Surge in Wage Growth: There’s been a remarkable increase in regular pay, with a 7.8% rise overall. This spike, particularly notable in the private sector at 8.2% and 6.2% in the public sector, marks the highest annual growth since 2001. However, this trend stirs concerns about potential interest rate hikes, given its incongruity with the Bank of England’s 2% inflation target.
• Shifts in Employment and Vacancies: The unemployment rate has edged up from 4% to 4.2%, coupled with a decrease in job vacancies by 66,000. Despite this drop, over a million vacancies still exist in the market.
• International Trade Fluctuations: The UK has experienced a 0.3% decrease in total export volumes. More notably, the export volume of goods to the EU has plummeted by 7% in October, following a 3.4% fall in September. Key sectors affected include chemicals, manufactured goods (including pharmaceuticals), and food.

This comprehensive report is a must-read for anyone involved in the Greater Manchester business community or those interested in the broader economic trends in the UK. The full report is accessible for download at Greater Manchester Chamber of Commerce Economic Outlook.