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.
Island experiences driest July on record
Only 2mm of rain fell last month
Evening Mountain Road closures ahead of Classic TT & MGP
DoI to take on essential maintenance works
Census officers to make home visits to households yet to complete the form
91 percent of householders have submitted their form to date
Businesses call for more government support as unpaid VAT bill is revealed
Treasury has no plans for relief for businesses