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Monday, 28 June 2010

Business Confidence Rising in Greater Manchester

Businesses are continuing to enjoy growth according to Greater Manchester Chamber of Commerce’s latest Quarterly Economic Survey.

Manufacturers saw growth across domestic and export markets for the first time since Quarter Four of 2007.

The survey found confidence was high among manufacturers and that they remained positive about recruitment and job creation.

The service sector also saw growth across domestic and export markets for the first time since Quarter One of 2008.

Job creation in the service sector continues to be positive, indicating net job creation for the second successive quarter. Along with the positive balances in manufacturing this reinforces the Chamber’s view that unemployment across Greater Manchester is declining at present, though National Statistics’ figures suggest it is continuing to rise.

Dr Brian Sloan, Head of Business & Economic Policy at Greater Manchester Chamber of Commerce, said: “This quarter’s survey results are really encouraging for Greater Manchester. Businesses are seeing demand grow across services and manufacturing along with positive job creation, which is also good news for households.

“The concern is that the confidence indicated is not underpinned by strong intentions for investment, though access to finance appears to be the cause of this at present.

“The broader results do mask the ongoing difficulty for the construction sector that remains firmly in the grip of recession across Greater Manchester. Whilst on the road to recovery, the local economy is not immune to the threat posed by public sector spending cuts and the rise in VAT, so difficult and uncertain times remain ahead.”

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