Treasury Minister Eddie Teare MHK has welcomed a fall in unemployment on the Island but has warned that the external economic environment remains ‘very difficult’.

At the end of May unemployment stood at 956, a reduction of 81 from the previous month and representing an unemployment rate of 2.1%.

Minister Teare commented: ‘It is pleasing to see the unemployment total back down below a thousand for the first time this year, and the unemployment rate at just 2.1%.  But these are very difficult economic times internationally and we have to expect that we are in for a continuation of the bumpy ride we’ve been experiencing in recent years. 

‘The fall reflects an economy that continues to expand.  But it also reflects its diversified nature, in that around this time of the year we always see particularly increased activity and recruitment in the retail and hospitality sectors on the back of increased visitor numbers’.