Treasury Minister Eddie Teare MHK has praised the resilience of the Isle of Man economy after a sharp fall in the level of unemployment.

The number of people registered unemployed in the Island decreased by 57 to 1,043 in February, according to statistics issued by the Economic Affairs Division of Treasury.

The Minister said: ‘The latest figures are most welcome, and a sign that the local economy continues to stand up well against a backdrop of uncertainty in international markets. These are undoubtedly challenging times, but Government remains focussed on sustaining economic activity and working closely with the private sector to boost employment opportunities.’

Mr Teare said he was encouraged by the underlying strength of the local jobs market, with 939 vacancies notified to the Job Centre so far this year and 302 positions still on file at the end of February.

He added: ‘I hope the announcement in this year’s Budget of a national insurance holiday for employers who take on new staff will also have a positive impact on the unemployment rate in the months ahead.’

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