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Treasury Minister comments on unemployment and inflation figures 16 July 2010

THE latest statistics on unemployment show that the Island’s economy is continuing to hold up well, says Treasury Minister Anne Craine MHK.

The jobless figure rose by just 2 during June to a total of 794 at the end of the month, representing an unemployment rate of 1.9%. And the fall in unemployment over the past year is the biggest for more than a decade.

Mrs Craine commented:

‘June can often see significant increases in the unemployment level – particularly with the registration of returning students – so the very small increase in June this year is, I think, further evidence of the continuing performance of the Manx economy in the face of what are still difficult market conditions. There is even stronger evidence of this when you consider the change in the numbers over the last 12 months. Over this period unemployment has fallen by 128, the biggest one-year fall for nearly 11 years.’

Mrs Craine has also commented on the inflation figures for June, showing the annual rate of inflation as measured by the Retail Prices Index (RPI) decreasing to 5.3% from 5.6% in May.

The Minister observed:

‘Although prices have gone up by 5.3% over the last 12 months there is some encouraging detail in the inflation report, notably in respect of fuel and energy costs, and indeed overall there was no price inflation in June itself.’

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