| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Irish Economy Last Updated: Nov 21, 2014 - 4:04 AM


Q1 2011-Q2 2014: Irish employee jobs up 21,000; 130,000 part-timers seeking full-time work
By Michael Hennigan, Finfacts founder and editor
Aug 26, 2014 - 3:10 PM

Email this article
 Printer friendly page

The current Irish governing coalition assumed office in March 2011 and today's jobs data from the Central Statistics Office shows that net of public activation scheme jobs, the number of employee jobs is up 21,000 in more than 3 years with a total of almost 130,000 in part-time workers seeking full-time employment - - 
full-time employees are employees who work 30 or more hours per week.

The rise in job numbers since March 2011 of 60,000 comprises 21,000 employees, an additional 15,000 in public schemes and a rise of 24,000 in self-employment without employees - - effectively one-person operations.

Full-time employee jobs account for about 15,000 of the total.

Total employment is 245,000 below the level in Q2 2008.

Today's Quarterly National Household Survey shows that jobs added in 12 months fell from  61,000 in 2013 to 31,000 in July 2013-June 2014.

Finfacts: Irish Economy: Job numbers & workforce fell in H1 2014; Finfacts proved right

Michael Noonan, finance minister, said today: "We have now had seven consecutive quarters of solid annual employment expansion and we have now seen an increase in employment of over 70,000 since the low-point in mid-2012. We are now seeing that the difficult decisions taken by this government over the past few years are bearing fruit.”

Richard Bruton, jobs minister, said today: "I’m absolutely convinced that if we continue to make the right policy choices, then we will deliver the 100,000 jobs by 2016, which has been a core part of our programme."

Finfacts, July 2014: Irish Economy: Bruton and politics of jobs numbers; How to add 50%

Conall Mac Coille, chief economist at Davy, said today: "The Quarterly National Household Survey for Q2 shows employment growth up 0.2% on the quarter and 1.7% on the year. This follows a 0.1% quarterly rise in Q1. The unemployment rate fell to 11.5% from 12% in Q1, while the July Live Register number has been revised down to 11.3% from 11.5%. However, at face value, the 0.2% rise is still a little disappointing following a similarly weak Q1. Surveys of companies’ employment intentions and buoyant tax revenue growth pointed to a more robust gain in employment in the first half of 2014.

As we flagged in today’s Davy Morning Equity Briefing, cuts in the public sector continued to weigh on overall jobs growth in Q2. Data released yesterday showed public sector numbers down 3,900, or 1% year-on-year (yoy) to Q2, following a similar decline in Q1. Excluding semi-state bodies, numbers were down a sharper 6,200, or 1.9% yoy. In contrast, private sector jobs growth was up 2.3% yoy.

Moreover, weak part-time jobs growth continued to weigh on aggregate employment. The 0.2% quarterly rise in employment was split between a 0.7% fall (-0.4% yoy) in part-time work and a 0.3% rise (+2.4% yoy) in full-time work. The underlying picture is therefore healthier than the headline data suggest.

At a sectoral level, Irish job creation remains reasonably broad-based. Employment in industry was down 2,700 (-1.1%) in the year to Q2, while construction employment was up 3,600 (+3.5%). Service sector employment was up 23,800, or 1.7% yoy. Within the services sector, employment rose in hotels and restaurants (+8,100), information technology (+1,500), professional and scientific activities (+6,100), transport and storage (+4,500) and administration and support services (+6,200). Retail (-2,000) and Finance (-1,700) detracted from growth.

Overall, today’s numbers provide further evidence that the labour market continued to improve in Q2, driven by the recovery in services and the construction sector. We expect unemployment to fall to 11% on average in 2014 and to 9.6% in 2015."

Last month Ibec, the business lobby, said in its pre-budget submission, that it "expects employment to increase faster than Department of Finance forecasts. In tow with stronger employment the unemployment rate should drop to a lower level. Ibec forecasts an unemployment rate of 9.6% for 2015 while the
Department of Finance expects 10.5%"

Fergal O’Brien, Ibec head of policy and chief economist, said today: “Although there has been some slowdown in the headline employment growth number from last year, this was to be expected. Many firms are increasing hours and are moving part-time employees to full-time, rather than taking on more part-time staff.

"It would be a mistake to interpret this trend as a sign of a weakening labour market recovery. Employment measured in full-time equivalents grew by 2.7% year-on-year in the first half of 2014 - a faster rate than last year (2.5%) as the quality of employment recovers further.

"Today’s figures represent the fastest rate of employment growth in Western Europe and support our view that the economy will grow by between 3% and 4% this year and next. The latest figures give further comfort to the Minister for Finance that a minimal fiscal adjustment will be needed in October's Budget."

Dermot O'Leary, chief economist at Goodbody, commented: "Although growth has slowed somewhat in recent quarters, the recovery in the Irish labour market remains impressive and has become more broad-based.

Employment up for seven quarters in a row…
On a seasonally-adjusted basis, employment grew by 0.2% qoq, and increased by 1.7% yoy over the past twelve months. This latter comparison represents a slowdown from previous quarters (2.3% yoy in Q1 2014), but this growth is impressive nonetheless. It is also encouraging that full-time employment (+2.4% yoy) continues to lead the way, indicating that employers have confidence in the sustainability of the economic recovery.

…with ten of fourteen sectors expanding
In the second quarter, ten of the fourteen sectors identified by the CSO were seeing employment increases on an annual basis. The strongest growth is in administration and support service activities (+11% yoy), having seen declines for most of the 2008-2013 period. The weakest sector is financial, insurance and real estate activities (-1.7% yoy) and is reflective of the continued cost-cutting efforts in the sector. The broad-based nature of the employment recovery is encouraging.

Unemployment rate down to 11.3%
In Q2, the unemployment rate stood at 11.5%, down from 12.0% in Q1 and from the peak of 15.1% in February 2012. Notably, the CSO state that the unemployment rate has fallen further – to 11.3% - over the past two months.

Multi-speed recovery continues
Despite the improvement in the labour market over recent quarters, significant differences remain across different generations and geographies. In relation to the former, youth unemployment (15-24) stands at 26.9% (down from 29.6% in Q2 2013), compared to below 10% for those over 35. From a geographical perspective, the unemployment rate is lowest in Dublin (10.0%), but stands at over 14% in the South East of the country. While the improvement in labour market conditions is undoubtedly positive, a multi-speed dimension remains a feature."


© Copyright 2011 by Finfacts.com

Top of Page

Irish Economy
Latest Headlines
Finfacts launches new news site
Irish Farmers & Milk Prices: 'Shackles' off in April; Demanding safety-net in August
Irish pension managed funds returns at over 12% year-to-date in 2015
Irish chartered accountants' salary packages surge 13% in 12 months
Irish services PMI fastest rate since late 2006; Official data up only 2.4% in 12 months
Irish Economy: Tax €893m above target in year to July — €653m from corporation tax
Fact and Fiction: Time to review Ireland's economic statistics?
Irish M&A deals H1 2015: Dutch or UK firm acquires Irish firm for €32.6bn - they are both American
Irish manufacturing PMI strong in July
Irish Economy: Fall in GNP in Q1 2015; GDP rises
Irish Economy 2015: Central Bank lauds strong recovery; Time to start paying down debt
Irish Budget 2016: Ibec demands 20 tax cuts, spending and investment rises
Low pay in Ireland; Lowest social security & corporate taxes in Europe
Ireland vs Greece: Enda Kenny's false claims on growth, taxes and debt
Irish standard of living in 2014 below Euro Area average, Italian level; Prices 5th highest in EU28
Irish goods exports rose a record 30% in April - due to fake tax-related transactions
Mexican tall ship to sail into Dublin on June 17th
Irish industrial production up 20% in first four months of 2015; Construction down 2.6% in first quarter
Irish Economy 2015: ESRI slams return to boom-time pro-cyclical fiscal policy
Irish pension fund returns in average range 1.6% - 1.8% in May 2015
Irish service sector PMI remains strong; Tax avoidance clouds data
Ireland: Official unemployment rate at 9.8% in May; Broad rate at 19% — 440,000 people
Ireland: Fiscal Council warns of dodgy forecasts, no plan; OECD warns of new property bubble
Irish Public Finances: Tax revenue in first five months of 2015 €734m ahead of target
No simple measure of economic progress in Ireland: GDP & GNP defective
Irish manufacturing PMI rises in May; Production up unbelievable 45% in year to March!
ESRI says data volatility hinders Irish economic forecasting; Tax avoidance taboo cause
Ireland at 16 in international competitiveness ranking; US, Singapore and Hong Kong on top
Irish Economy 2015: Sectors to add 200,000 jobs?; Broad jobless rate at 19%
Irish Export Performance: Myths and reality - Ireland is a poor exporter
Irish Economy: 41,300 jobs added in 12 months to Q1 2015 - Construction up 19,600
China-Ireland: Economic relationship on a slow burn
Estonia, Austria, France, Ireland head global alcohol rankings
Irish Exchequer Returns: Tax receipts under target in April but ahead in year
Irish service sector PMI rose in April
Irish manufacturing PMI remained strong in April- includes overseas manufacturing
Irish Live Register + 90,000 activation scheme numbers at 439,000 in April
Ireland: Coalition drops 2018 full-employment target
Ireland Spring Statement: Noonan promises 200,000 net new jobs by 2018
Irish Economy 2015: Retail sales volume up 1.4% in month of March