Hi °C | Lo °C Economists have warned of more bad news to come for the jobs market despite a slight drop in the unemployment rate over the last three months.
The Northern Ireland unemployment rate fell slightly over the three months to October to 7.8%. But during last month, the number of unemployment benefit claimants increased by 500 to 64,700.
The unemployment rate is down 0.4% from the rate recorded in the previous quarter at 8.2%, but was up 0.8% from the rate recorded one year ago of 6.9%.
The latest figures show that the Northern Ireland unemployment rate (7.8%) was the same as the UK (7.8%), and below the rates in the European Union (10.6%) and the Republic of Ireland (15.1%).
But Ulster Bank chief economist Richard Ramsey has warned of worse news to come, with nearly 800 people formerly employed by Co Antrim generator manufacturer FG Wilson returning to the job market after being made redundant. Major redundancies were announced at the company in September.
Mr Ramsey said: "At a sector level, the services industry was the only sector to record growth in the third quarter with a modest 0.1% rise of 630 jobs," he said.
"The number of manufacturing jobs remained unchanged in the third quarter. However, these figures pre-date the FG Wilson redundancies."
"Meanwhile, the construction industry continues to bear the brunt of the job losses with the sector posting its seventeenth quarterly decline since 2007.
"Further falls in construction employment can be expected in the months ahead."
