Modest Fall In Unemployment Welcomed

There has been an official welcome for a modest fall in unemployment rate.

Figures released today for the period August - October 2011 show that the Northern Ireland unemployment rate fell over the quarter from 7.4% to 6.9%.

Commenting on the figures, NI Enterprise Minister Arlene Foster said: "It was encouraging to note the fall in the Northern Ireland unemployment rate during the latest quarter. Our rate of 6.9% now compares very favourably to the equivalent rates for the European Union (9.7%) and Republic of Ireland (14.2%).

"The employee jobs results for the third quarter of 2011 were not as positive, with an overall decline of 750 jobs over the quarter. This decrease was driven by a fall in public sector jobs. However, it was noteworthy that there was an increase of 1,120 private sector jobs during the quarter.

"Private sector jobs have now increased in two of the last three quarters, after a prolonged period of decline. While this increase is not particularly marked, the change in direction is welcome.

"There remains considerable uncertainty in European and global markets, but a strategy that seeks to grow the private sector remains the best way forward," added the DUP Minister.

To help strengthen Northern Ireland's economic recovery, arrangements are currently being finalised for a £50m Loan Fund, to specifically aid liquidity in [smaller companies] SMEs. This will become part of a wider £100m Access to Capital strategy.

In conjunction with Invest Northern Ireland's recently launched Boosting Business initiative this will help provide local businesses with the support they need to address the wide range of issues they currently face.

Arlene Foster continued: "Already there have been over 1,200 direct approaches by local businesses to Invest NI, seeking support and guidance on a wide range of business issues.

"Alongside new measures to help our companies to grow their exports, last week an Intellectual Property starter pack was launched along with enhanced IP support. This was introduced along with a number of new measures, specifically to encourage more SMEs to undertake R&D activity for the first time."

Critical

The Ulster Unionist Economy spokesperson, Mike Nesbitt, says the latest employment figures from the Northern Ireland Statistics & Research Agency are a 'spin doctor's dream'.

The analysis shows the jobless rate falling from 7.4% to 6.9%, but the number of people claiming unemployment-related benefits up by 300.

The Strangford MLA commented: "Using multiple measures makes it very easy to keep your glass half full or half empty, but the bottom line is the old adage that if you are unemployed, you are 100% unemployed.

"There are two underlying trends that give great concern. The first is that more than one in three unemployed people have been unemployed for a year or more, and we all know the longer you are unemployed, the less chance that will change.

"The other is the fact that one in five young people between 18 and 24 are not employed, and it is a stark, uncomfortable truth that, unless there is a radical shift in these trends, some may never work. That is the scale of the challenging facing politicians," he said.

(BMcC)