Labour market estimates were released today showing:
- Employment in the North East stands at 1,137,000 or 66.2% – a rise of 20,000 over the quarter and 11,000 over the year. This compares to a rate of 70.3% nationally.
- North East unemployment stands at 143,000 or 11.2% – a fall of 4,000 over the quarter but a rise of 16,000 over the year. This compares to a rate of 8.4% nationally.
- The claimant count stands at 90,800 or 7.4% in the North East, compared to 5.0% nationally.
Further details can be seen here.
This shows the most encouraging picture for the North East for several months. Employment is at its highest level for six months, while unemployment is at its lowest level since August. The quarter-on-quarter and year-on-year changes for the region are also looking much more positive in comparison to the national figures than in previous months. These figures back up the results from NECC’s Quarterly Economic Surveys which show the private sector increasing workforce levels, albeit slowly.
It is important not to read too much into one month’s figures, particularly given the margin of error in these estimates at regional level. There are also further public sector job cuts to come this year. Nevertheless, if this pattern is repeated in future months it will represent a much healthier situation for the region.
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