Official figures show that the number of people on the Live Register rose again in July, though at a slower rate than in June, while the unemployment rate rose to 12.2%.
The Central Statistics Office said the seasonally adjusted Live Register figure rose by 10,500 in the month to 423,400. Although this is 87% higher than in July last year, it is the smallest monthly increase so far this year. The monthly increase was split almost equally between men and women.
The unadjusted figure rose by 17,143 from June to 435,735, giving an annual increase of just under 83%. The 12.2% unemployment rate compared with an 11.9% figure in June and is the highest since April 1995. The record rate was 17.3% in December 1985.
Earlier this week, figures showed that 6,350 redundancies were notified to the Department of Enterprise, Trade & Employment in July, an increase of almost 65% compared with the same month last year.
Government forecast too pessimistic?
Ulster Bank economist Lynsey Clemenger said the July monthly increase was the lowest since September last year, and compared with an average rise of 26,000 in the early part of the year. She said the Government's Budget forecast now looks overly pessimistic, the jobless total was set to average closer to 420,000 this year, compared with the 440,000 assumed in the April Budget.
Davy's Rossa White said the rate of increase slowed for a sixth straight month in July. 'It is another sign that the economy is gradually stabilising,' he said. The economist said he expected the unemployment rate to 'sneak' past 13% by the end of the year, and peak below 15% near the end of 2010.
