Northern Ireland’s labor market showed signs of weakening in October, according to official figures.

The number of people on company payroll was 805,300 last month, a slight decrease compared to September, but an increase of 1.1% compared to the same period last year.

Wage growth continued to outpace inflation, with the typical monthly salary standing at £2,258 in October, an increase of 7% or £148 on the previous year.

However, Northern Ireland was the region of the UK with the lowest incomes last month, with the average UK monthly wage at £2,438 in October.

The unemployment rate from July to September was 2%, unchanged from the previous quarter and down slightly from the same period last year.

The proportion of employed people, or employment rate, decreased over the quarter and over the year to 70.3%.

The number of people inactive or looking for work, called the economic inactivity rate, increased over the quarter and over the year to reach 28.2%.

It comes as a monthly Ulster Bank survey suggests Northern Ireland’s private sector continued to grow strongly last month.

Every month, the bank surveys private sector companies on things like headcount, order books and exports, which is considered a reliable indicator of economic performance.

In October, business activity grew at the fastest rate of any region in the UK, new orders rose, as did employment.

NatWest chief economist Sebastian Burnside said: “Northern Ireland remained a standout across the UK, posting the fastest increases in output and employment.

“These have increased sharply, despite continued reports from companies of difficulties recruiting staff due to a shortage of qualified candidates.

“Despite continued growth in the private sector, business confidence has fallen to its lowest level since the start of the year.

“The survey was carried out ahead of the budget and so we will be able to see next month what impact, if any, changes to tax and spending are having on local business confidence.”