Unemployment fell back below the 1000 barrier last month, dropping to 970.
Last month's figure was a 13-year high, but February saw a year-on-year decrease for the first time since August 2008.
It means 2.3% of the economically active population is unemployed.
Treasury Minister Allan Bell says the figure is encouraging.
Infrastructure minister scraps Housing Association plans in favour of government-led agency
Department aims to refocus efforts on affordable housing delivery with new in-house agency and phased reforms
MHK accuses health department of breaching Manx Care Act
Former minister claims patient consultation has been lacking, as Claire Christian insists engagement strategy is in place
Treasury plans health surcharge for new residents before end of administration
Estimates suggest more than half a million pounds could be generated
MEDS to open later than usual
'Essential telephone works' to be completed on Wednesday