Local unemployment continues to riseFollow @PwC_NI
Commenting on today’s [Wednesday 20 June] unemployment figures, PwC’s chief economist in Northern Ireland, Dr. Esmond Birnie, said:
"This morning’s unemployment data offers more unfavourable indications as to the state of the local economy, which now has the second highest unemployment amongst the 12 UK regions.
“By both official measures (Labour Force Survey and Claimant Count) unemployment is up, with the number of unemployment benefit claimants reaching 62,600 in May.
“Regrettably, that figure will probably continue to rise, through a lack of any substantial recovery, diminished opportunities for migration and the impact of welfare reform.
“The Quarterly Employment Survey -also out today - indicates that total employment is down by 7,590 on a year ago and by 40,940 (5.6%) on the pre-downturn peak (Quarter 2 of 2008), with the private sector bearing the brunt of that decline.
“Unfortunately the Executive can’t reverse the UK economy out of double dip recession, nor can it solve the eurozone crisis.
“The solution revolves around patient but accelerated partnership with the private sector to redirect the Northern Ireland economy towards more innovation and export growth markets".
Email: Esmond Birnie
Tel: +44 (0)28 9041 5808