Covid-19 has been devasting for economies across the country. The economic support measures that we have put in place in Staffordshire as a partnership, alongside those made by government, have had a positive impact, but the next few months will be challenging.
Despite the challenges ahead, Staffordshire can still achieve its potential as a thriving powerhouse economy on the international stage by not just recovering, but renewing. Our five-year Economic Recovery and Renewal Strategy (2.4 MB) outlines how we will seek to make this happen. To effectively respond to those challenges we must all be able to see behind the headlines and understand the full picture - the monthly Economic Bulletin does just that.
Edition 3 (987 KB)
Welcome to the third edition of the new Staffordshire & Stoke-on-Trent Economic Bulletin produced by our Economy, Skills and Insight Teams, which provides the timeliest secondary data available on what is happening with the local economy.
Alongside information on the Claimant Count and Job Vacancies that will be a part of every Bulletin, we again look at the latest Government data regarding the Coronavirus Job Retention Scheme (CJRS) Furloughed Workers and Self-Employment Income Support Scheme (SEISS). This month’s issue also provides updated ward level analysis of the claimant count to help identify areas which have been impacted the hardest across Staffordshire & Stoke-on-Trent and where there may be a greater need for support.
However, this clearly only provides part of the picture and over the coming months we intend to build up our softer intelligence to provide a better indication of what is happening on the ground, including the local response to the COVID-19 crisis.
(Continued in the bulletin)
Director for Economy, Infrastructure and Skills, Staffordshire County Council
Key messages from edition 3
- The number of people on some sort of government economic support scheme is on par with the rest of the country.
- The claimant count in Staffordshire has increased by 1,015 between July and August (5.1% of the working age population). However this is still better than regional and national rates.
- Universal Credit claimants have more than doubled since the start of the crisis in March (although many will not be out of work entirely). Evidence of why this is happening is to fully emerge, but likely a combination of factors.
- Young people and the lowest paid continue to feel the biggest impact. From March to August the proportion of young people claiming Universal Credit increased considerably with over 5,500 more young people in Staffordshire now claiming Universal Credit.
- Job Retention Scheme local authority breakdowns have not been released this month, but the number of furloughed staff nationally is being eased. However there are many SMEs which are still furloughing staff.
- Staffordshire has seen the same rate of people taking up the second Self-Employment Income Support Scheme as regionally and nationally, although Stoke-on-Trent has the second-highest rate in the West Midlands.
- There continues to be worry about the end of October when the furlough scheme winds up - we will consider the impact of the Job Support Scheme in future editions.
- Job vacancies in Staffordshire increased by 17% between July and August versus 13% regionally and 14% nationally. Stoke-on-Trent saw a 10% growth.
Edition 1 (1.63 MB)
Edition 2 (996 KB)