The rate of unemployment in Northern Ireland remained at a historic low toward the end of last year, official figures suggest.
New labour market data published on Tuesday morning estimates the official unemployment rate stood at just 1.7% for the three months to November 2024.
It compared to a slight increase in the UK unemployment rate to 4.4% for the same period.
The Northern Ireland Statistics and Research Agency (Nisra) estimate the official employment rate increased to a near record high of 72.6% in the north for 16 to 64 year-olds over the three months to November.
The rate of economic inactivity meanwhile eased to 26.1% over the quarter, which was in line with levels recorded before the Covid-19 pandemic in 2019.
Nisra’s new analysis also estimates the total number of weekly hours worked in the north increased by 5.3% over the quarter to 30.3 million, which was again, in line with 2019 levels.
The period covered by the January labour market report spans the weeks before and just after after UK Chancellor Rachel Reeves announced a hike in employer national insurance contributions in her October 30 Autumn budget.
And the latest count of payrolled workers in Northern Ireland during December suggests there were immediate implications for the labour market.
The number of pay as your earn (PAYE) workers in the north fell by around 2,700 to 802,998 between November and December, the lowest figure since April 2024.
Although the increases in employer national insurance contributions and the new minimum wage will not come into effect until April 2025, some employers may have already factored in the increased costs.
According to a recent survey by the Northern Ireland Chamber, 79% of respondents said they believed the budget will negatively impact their business, chiefly because of increased labour costs.
According to Nisra, the Department for the Economy (DfE) was notified of 290 proposed redundancies in November, with 240 redundancies confirmed in December.
Employers are only required to notify DfE when making more than 20 people redundant.
The number of redundancies proposed during December was not disclosed.
Nisra’s current policy means it will not disclose redundancy figures for months when it receives less than three business returns.
Meanwhile, HMRC data for December indicates payrolled workers in the north earned, on average, £2,291 in December, which was 0.1% up over the month and 6.5% higher than December 2023.