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15 May 2018

FSB responds to May Labour Market Report

FSB Northern Ireland has responded to the publication of the Labour Market Report for May 2018. At 3.1 percent unemployment is at the lowest rate since records began, however economic inactivity remains extremely high at 28 percent, significantly above the UK average of 21 percent, and a matter which requires immediate attention.

FSB NI Policy Chair, Tina McKenzie said:

“While the fact that our unemployment rate is the lowest on record will grab the headlines, the full picture is much more complex.

“Our employment rate at 69.7 percent is the lowest of any UK region, with the rate of economic inactivity at 28 percent, the highest of any UK region and a huge 7 percentage points above the UK average.

“While it is welcome that economic inactivity has decreased over the quarter, significant action is required to address the issue.

“It is vital that people who can work have a pathway back to employment, so businesses can access the skills they need, and the prosperity and wellbeing of our citizens can increase.”