Economic Bulletin - our latest edition 

Edition 40 - December 2023

Welcome to the latest edition of the Staffordshire & Stoke-on-Trent Economic Bulletin produced by our Economy, Skills, and Insight Teams, which provides the timeliest analysis of official Government data, national intelligence, and local insights on the state of the local economy.

Alongside information on the Claimant Count and Job Vacancies that will be a part of every Bulletin, this month’s issue also provides more detailed youth claimant count analysis and updated ward level analysis of the claimant count to help identify areas which are being impacted the hardest by unemployment and a reliance on work-related benefits across Staffordshire & Stoke-on-Trent and where there may be a greater need for support. We also provide analysis of the latest business insolvency data to further understand how businesses are faring during the current economic climate.

We hope you find the Bulletin useful and welcome your comments and suggestions on further information you would like to see included in future editions to make sure that it continues to meet your needs. If you do have any feedback please send your comments to Darren Farmer, Economy & Skills Analyst at darren.farmer@staffordshire.gov.uk.

I would like to wish all of you and your families a very happy Christmas and peaceful New Year.

Darryl Eyers
Director for Economy, Infrastructure and Skills Staffordshire County Council

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Key messages this month include:

• This month sees a further increase in the Claimant Count, although it is positive that there continues to be a high number of job vacancies available for those that unfortunately find themselves out of work. We will continue to support our residents into work and ensure that Staffordshire has the strong workforce it needs to grow the economy.
• We also continue to support local businesses that face ongoing challenging conditions due to a wide range of factors including high interest rates and energy prices, increased commodity costs, increasing wage levels and lower consumer demand.
• This month has seen an increase of 60 claimants in the youth claimant count in Staffordshire with a total of 2,915 young people.  HJowever this is still lower than the national rate.
• Demand for labour remains high with the number of vacancies still above prepandemic levels and there is currently estimated to be around 1 job vacancy available for every claimant within the county.
• There has been a recent declining trend from July this year indicating a slowing down in the jobs market as a result of some business sectors being more cautious about recruitment due to the uncertainty in the economy. Overall, though the outlook is positive and recruitment demand remains strong.
• Encouraging those that have become economically inactive due to COVID will further help to address labour shortages and skills gaps.  Staffordshire County Council’s dedicated Job Brokerage Service is designed to do exactly this by matching local people, employers, and training providers to fill jobs and provide people with the jobs and careers they need. 
• The government's Multiply initiative has now widened the eligibility criteria for fully-funded support maths support, meaning that more people can get free help even if they have a Level 2/ GCSE maths qualification.  Businesses can get bespoke help for their employees by contacting Multiply@staffordshire.gov.uk.
• The Get Started and Grow scheme has been extended which provides fully funded support for 0 to 5-year-old businesses. Businesses have already saved thousands by getting accountancy, business planning, website and branding professionally sorted completely free of charge. Now everyone, from those just thinking about setting up a side-business to those who have got past the tricky first few years can get the support that they need. It’s all in response to what you’ve said is most important for your business growth. To apply for fully funded SME support.
• Businesses in Staffordshire are able to benefit from a new free recruitment service which will help to match their employment vacancies with appropriate potential candidates. The Staffordshire Jobs and Careers Service provides advice and support to both businesses and people looking for employment opportunities.
• The Stoke-on-Trent and Staffordshire Growth Hub is working in partnership with creative marketing agency, Nuddy Media, to deliver ‘Practical Marketing,’ a step-by-step course to help local businesses create a Marketing Strategy.  Book now for sessions in January and March.