Member Article

North East unemployment drops by 7000 for the quarter

Unemployment in the North East has dropped over the last according to the Quarterly Economic Survey conducted by the North East Chamber of Commerce.

North East unemployment stands at 118,000 or 9.4%, a fall of 7,000 over the quarter 9,000 over the year; this compares to a rate of 6% nationally.

In addition, employment in the North East stands at 1,138,000 or 69.9%, a fall of 12,000 over the quarter but rise of 40,000 over the year; this compares to a rate of 73% nationally.

Moreover, the claimant count stands at 58,100 or 4.8% in the North East, compared to 2.8% nationally.

NECC Policy and Research Manager, Mark Stephenson, said: “The latest labour market figures provide encouragement, although rapid gains in employment seen throughout 2014 have eased.

“Nevertheless, there are 40,000 more people in employment than 12 months ago and unemployment has dropped compared to the previous quarter and figures from a year ago, reflecting positive numbers attained in NECC’s own Quarterly Economic Surveys.

“The challenge for the North East is to push our unemployment rate below 9%, a feat not achieved since April 2009.

“In comparison, the UK unemployment rate did not go above 9% at any point during the financial crisis or the ensuing recession.

“Once again North East claimant count figures have dropped, a welcome long-term trend stretching back into 2013.

“People are moving from economic inactivity into work, a key aim for policy makers must be to help reshape our labour market to ensure that employability amongst this group improves as numbers move into the labour market given businesses are struggling now more than ever to find appropriately skilled staff throughout many sectors.

“Nationally jobs figures remain buoyant, even if the gains made in employment were a little more conservative.

“Even so, the UK is close to breaking an employment rate record set in 1973.”

Image credited to Clive Nicholson used under Creative Commons License.