Unemployment in the North East has fallen to another record low despite concerns from many groups about the state of the regional economy.
New figures from the Office for National Statistics show the region’s unemployment rate fell to 4.2% in the three months to the end of September, lower than the previous record low of 4.4% recorded last month and close to the national average of 3.6%. The North East no longer has the highest unemployment rate in the UK, which is instead in the West Midlands.
The positive news on unemployment - which was hailed on a visit to the North East last week by Bank of England governor Andrew Bailey - comes at a time of rising concern for the state of the economy, with one business group saying the outlook for companies was “very bleak” and a survey showing record low confidence for local firms.
