The Isle of Man’s unemployment rate has fallen to 1.6% in October 2022, down from 1.7%* in September 2022, according to the Isle of Man Government.
According to the standard international definition, the IOM Government claims that 735 people were estimated to be unemployed in the Isle of Man in October 2022. This is a small decrease of 17 people compared to the 752 unemployed people in September 2022.
This is the second consecutive monthly decrease in the number of people who are estimated to be unemployed in the Isle of Man, although each decrease has been very small. The average number of unemployed people over the last year has been 734, with the unemployment rate between 1.6% and 1.7% during this time.
*Note that the correct unemployment rate for September was 1.7%, but it was previously erroneously reported by the Isle of Man Government to be 1.8%
14 November update: Prior to publication, we contacted Statistics Isle of Man to clarify an apparent error in the way that they are calculating unemployment rates. It appears that the Isle of Man Government was slightly overstating the true unemployment rate since February 2021, with the true unemployment rate being around 0.1% lower than the rate that they have published.
In future articles at https://taxpayersalliance.im/ we will use the corrected unemployment rate, but will not be adjusting previously-published content. The labour cost of that is too high, and the Government’s error here is only small.
This note has been updated, the opening paragraph fixed with the correct September unemployment rate, an asterisk added to the opening paragraph, the paragraph immediately prior to the chart above, and the email exchange with Statistics IOM added below.