A fall in demand across all sectors in Greater Manchester is a disappointing setback on the slow road to economic recovery, according to new research.
The report from the Manchester Chamber of Commerce Quarterly Economic Survey (QES), an influential business monitor, shows the region’s economy looks to be stalling.
It highlights the region’s reliance on export demands to grind out development, with slow global growth and a decrease in exports from the North West having a knock on effect on domestic demand.
Dr Brian Sloan, Chief Economist at Greater Manchester Chamber of Commerce, said: “This quarter’s results are a setback for what has been a slow recovery in Greater Manchester.
“As we have highlighted previously, the domestic economy was too weak and reliant on external markets, such as Europe, that face their own challenges and pose a threat to our growth.”
Demand has remained weak, though better than the overall national picture, and recent increases in the number of people in employment has levelled off.
The overall manufacturing measure has been held back by the struggling construction sector despite a positive performance from manufacturers.
“There is a tough road ahead, but there are some encouraging signs – job creation remains positive and the construction sector is showing signs of a pick-up in investment, though orders have been at a very low position for some time now.
“The Chancellor will need to be bold in his autumn statement to reallocate spending to capital programmes for regional growth.”