Unemployment Reaches Record Low

Unemployment in Northern Ireland has reached a record low, official figures have shown.

Labour Market Statistics for August to October of this year show that unemployment was at 2.3%.

The Department for the Economy said the figure has decreased by 0.6% over the period and 1.3% throughout the course of the year.

The last quarter also saw an increased proportion of people aged 16 to 64 in work.

Local unemployment rates remain below that of the UK (3.8%) and the Republic of Ireland (5.3%).
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It's not all good news however, as the number of confirmed redundancies (3,089) in the most recent 12 months was 17% higher than in the previous 12 months (2,644). The Northern Ireland Statistics and Research Agency revealed that 89 redundancies took place in November 2019.

Put into the context of the UK, NI has the second lowest employment rate and the highest economic inactivity rate, which refers to the amount of people of working age who are not in work or seeking it.

Meanwhile, private sector jobs have increased over the quarter and year to 573,430, the highest level on record, while public sector jobs are estimated at 210,580.


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