Economic Bulletin - our latest edition
Edition 43 - March 2024
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.
Darryl Eyers
Director for Economy, Infrastructure and Skills Staffordshire County Council
Read past editions
Key messages this month include:
- In Staffordshire having seen improvement in the local economy and labour
market following the COVID pandemic, as seen nationally, we have seen
unemployment, youth unemployment and dependency on work-related benefits
increase during the energy and cost-of-living crisis. This is reflected in this month’s
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.
- The increases in claimants in Staffordshire, regionally and nationally is reflective of
the challenging economic conditions businesses continue to operate in across the
country and will in part be due to some seasonal jobs coming to an end.
- Staffordshire saw a 6.6% increase in the number of available job vacancies
between January and February to a total of 15,400. There continues to be a high number of jobs available in the local economy and the
need now is to ensure that there is a strong local labour pool with skilled workers
able to fill these roles to support business recovery/survival and improve prosperity
through better pay. The national and local support which is in place to support those
that have been unfortunate enough to lose their jobs is vital in both reskilling and
up-skilling as well as enabling potential applicants to access the opportunities
available.
- 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.
- In conclusion, although the economy entered a recession late last year, there
are signs of improvement with cost-of-living pressures easing, interest rates
predicted to fall later this year, and a high level of employment. However, the
economic climate continues to be challenging for businesses and households.
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