Region’s jobless rate highest for four years
UNEMPLOYMENT in Greater Manchester is now the highest in nearly four years in a rise public officials are linking to the impact of Brexit.
Joblessness increased for the third consecutive month in March and now stands 11pc higher than it did before the referendum.
Among people aged over 50, unemployment is now nearly 20pc higher than before the vote although in March the biggest rise was among young people.
According to the latest analysis of Brexit’s impact, carried out each month by the Greater Manchester Combined Authority, that spike gives it reason to be ‘more cautious’ in its economic outlook, describing ‘significant uncertainty’ for UK businesses as negotiations with Brussels continue.
Last month’s report showed unemployment had remained fairly static since the referendum up to January this year, which saw a spike in numbers. This month’s shows that pattern continuing in March.
In total there are now 4,300 more people signing on for unemployment benefits than at the start of the year, a rise of nine per cent that puts figures at a 44-month high. The highest rise in March was among people aged 16-24, although numbers in that age group are still slightly lower than pre-Brexit.
There has been a significant rise in joblessness among older people since June 2016, however, with 1,825 more people now claiming either Jobseekers Allowance or the unemployment element of Universal Credit - a rise of 19.4pc. In the 25-49s, unemployment has risen 13pc since the referendum.
The report does not draw direct conclusions from the increase, but points to wider economic uncertainty across the country postBrexit. It shows most Greater Manchester businesses have not changed their plans since the vote although there has been a slight increase in those putting investment on hold or now saying they are unsure of their next steps.
It says Greater Manchester’s picture is broadly in line with the rest of the country and notes continued strong performance in the construction industry.
But it reports ‘worsening household finances’ and suggests the increase in joblessness, combined with weak growth and uncertainty over Brexit negotiations, isw causing officials some concern.