Introduction
The following report uses data taken from the Quarterly Economic Survey carried out by the Chamber in
the third quarter (Q3) of 2021. This regular survey asks businesses a series of questions on key
economic indicators. The survey ran from 23/08/21 and 14/09/21.
Summary
In total, there were 408 responses. Of these, 38.0% can be broadly classified as
Manufacturers. 62.0% can be broadly classified as Service Sector businesses. 37.0%
of businesses employed fewer than 10 people. 34.0% employed
10-49 people. 22.0% employed 50-249 people. 7.0% employed over 250 people.
46.0% of businesses were active in international markets over the course of past quarter.
Wider Economic Context
The unemployment rate reported by the Office for National Statistics (ONS) fell to 4.2% in the April to June period this year, below by 0.5% compared to the previous three-month (March to May) period and 0.5% below the UK average. Youth (16-17 years) unemployment remains high at 28% with a declining trend over previous periods. Nationally, the number of job vacancies for the period June to August was 1,034,000 and is 249,000 above pre-pandemic level.
According to Bank of Englandβs latest report, inflation is above 2% and is expected to rise in coming months. Looking at the exchange rates, the vaccination programme is helping UK economy recover rapidly with GBP standing as strong as β¬1.17 in September. The latest data from Department for International Trade (Q1 2021) data show exports valuing Β£4.58 billion from the East Midlands region.