Saturday 18 October 2014

The Weekend Read: Unemployment is falling across the North East

The most recent unemployment figures
show a fall in the North East jobless rate.

Our region added an extra 40,000 jobs in a year, which is impressive. 

The latest figures saw falls in seven of England’s nine regions. The North East was one of them. The latest statistics also show the North East now having the highest proportion of manufacturing jobs of any region.

Not only are we manufacturing more, we are also exporting more. Figures last month showed that Exporters in the North East are continuing to drive economic recovery with the total value of exports in the last year rising by 2.32% – the highest figure recorded by any English regions.

Since Labour's peak, unemployment in my constituency is now down almost 50%. Under Labour 1172 local people didn't have a job. That has now almost halved to 646. There are now 526 fewer local people unemployed in our area since Labour’s peak. 

Locally apprenticeships are up from around 400 in 2010 to over 800 apprenticeship starts last year. Youth unemployment is down by 32%.

On a national level:
  • Unemployment has now fallen below 2 million for the first time since Labour’s Great Recession.
  • Unemployment has fallen 538,000 in the last year alone. This is the biggest annual fall in unemployment on record.
  • Youth unemployment has also fallen at its fastest pace since records began – it is down 253,000 on the year.
  • JSA Claimant Count is below 1 million – down over half a million since the General Election. 
  • Full-time employment is up 592,000 on the year and up by 1.26 million since 2010.
  • Over the last year, we’ve seen to largest growth in jobs and biggest fall in unemployment in the G7. 
  • Record numbers of women are in work and jobs vacancies now stand at 674,000.
This summer it was reported the North East is the fastest growing region in the country. Lloyds Bank said its index of activity among UK companies – where anything above 50 represents growth was at a robust 58. Companies in the North East of England saw the strongest expansion last month, with the region clocking up a record score of 64.8. You can read more about that here: "The North East is the fastest growing region in the country"

As I always so, don't just listen to me. This is what the North East Chambers of Commerce had to say this month: "North East business confidence continues and growth is still incredibly strong by the standards set in the last five years."

Our economy, both locally and nationally, is healing. We really can't afford to risk it all with Labour again.

Boosting manufacturing, supporting our businesses, encouraging our exporters, training up our young people and increasing the number of private sector jobs is the best way to build ourselves a long term sustainable recovery here in the region. Slowly but surely that is exactly what is happening.