Unemployment in the Isle of Man rises again

Unemployment has risen again

Unemployment has risen again

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Unemployment has risen again in the Isle of Man.

Figures released today show that 23 more people were out of work at the end of January compared with the end of December.

A total of 1,182 are registered unemployed. That compares with 1,176 a year earlier, a rise of six.

During January 2014, 212 people signed on and 189 signed off. There are 815 men and 367 women unemployed.

During the month 529 vacancies were notified to the Job Centre and at the end of the month there were 261 vacancies on file.

January and earlier this month saw some bad news for jobs in the banking sector, with Santander, Britannia and Lloyds all announcing job cuts.

Click here for a reminder of those stories.

Those job losses will not yet have affected the unemployment statistics.

In August, the government’s quarterly report said there had never been more people employed in the island.

Click here for an explanation of why that doesn’t mean unemployment is at a record low.

The Isle of Man’s unemployment rate is 2.6 per cent.

That compares with 7.1 per cent in the UK. However, while the island’s rate has been rising gradually, the UK’s has been falling.

In the Euro area, the unemployment figure is 12 per cent, with the Republic of Ireland at 12.1 per cent, Spain at 25.8 per cent, Germany at 5.1 per cent and France at 10.8 per cent.

The Isle of Man compares favourably with all major economies, according to figures from the Organisation for Economic Co-operation and Development.

Japan’s unemployment rate is 3.7 per cent, the USA’s is 6.6 per cent and Canada’s 7 per cent.

The Manx figures include people who are signing on for credits only. There are 33 of them.

Not included are people under 18 who are registered at the Careers Office but not claiming any benefit.

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