Treasury Minister Eddie Teare MHK says an increase of 156 in the total registered unemployed in January reflects local economic pressures as well as seasonal factors.
By the end of the month unemployment had risen to 1176, representing an unemployment rate of 2.6%.
Mr Teare commented: ‘A significant increase in unemployment is not unusual in January, with a post-Christmas downturn in retailing and hospitality adding to the winter reduction in construction activity.
‘However the underlying trend is towards rising unemployment. In the run-up to the forthcoming Budget I have consulted widely with the business community and these figures are consistent with the pressures being faced by those sectors which depend on the Island’s domestic economy rather than international markets.’
Mr Teare added: ‘While our unemployment rate still compares favourably with other places there is no room for complacency here and supporting job opportunities remains a top priority for this Government.’
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