Economic downturn affects unemployment figures

The latest unemployment figures for Northern Ireland reveal that the downturn in the global economy is beginning to make its presence felt throughout local industry.

According to the seasonally adjusted Labour Force Survey statistics for the period July to September 2001, 48,000 people are unemployed in the province – representing 6.2 per cent of the workforce and a rise of 6,000 on the total recorded for the same time last year.

In addition, the most recent wave of redundancies – thought to be around 3,000 – has yet to be included in official statistics, meaning there is little chance that levels of unemployment will fall in the near future.

However, responding to the news, Enterprise Minister Sir Reg Empey cautioned against a pessimistic mindset. He stated: “Doubtless the global and local economies will continue to be buffeted as the fallout from the events of the 11 September attacks impact around the globe. We must fight back and stimulate new ways of doing business, search for new Foreign Direct Investment and new markets for our products.

“The challenge for Northern Ireland’s new economic development agency, Invest Northern Ireland (INI) - which will come into being early next year - will be to lead the drive towards a more settled outlook for the economy long- term.”

The Minister assured all the existing agencies would continue to work with companies “in their efforts to minimize the impact on their businesses and their workforces.” (CL)