Labour Market Report February 2020

Key Points

• The latest Labour Force Survey (LFS) estimates for the period October-December 2019 indicate that, over the quarter, the unemployment rate decreased, the employment rate increased and the economic inactivity rate was unchanged.
• The LFS indicated that the NI unemployment rate (16+) decreased over the quarter (0.1pps) and over the year (1.4pps) to one of the lowest rates on record (2.4%) in October-December 2019. The annual change was statistically significant and likely to reflect real change. The NI unemployment rate was below the UK rate (3.8%), the Republic of Ireland rate (4.8%) and the EU (28) rate (6.3%).
• The proportion of people aged 16 to 64 in work (the employment rate) increased over the quarter (0.1pps) and the year (2.0pps) to one of the highest rates on record (72.4%). Although recent changes were not statistically significant, the employment rate was significantly above rates in late 2018. The latest employment rate recorded for the whole of the UK was 76.5%.
• The NI economic inactivity rate (the proportion of people aged from 16 to 64 who were not working and not seeking or available to work) was unchanged over the quarter and decreased by 1.0pps over the year to one of the lowest rates on record (25.8%). Although recent changes were not statistically significant, the economic inactivity rate was significantly below rates in early 2018. The NI economic inactivity rate remained above the UK rate (20.5%).
• There were 424 proposed redundancies and 57 confirmed redundancies notified to the Department in January 2020. The number of confirmed redundancies (3,041) in the most recent 12 months was higher than the previous 12 months (2,578).
• The full report is available on the Labour Market Report - February 2020 page