Nevin Economic Research Institute - Blog

Changing Reasons for Economic Inactivity

Sun, 16 Jun 2013 00:01:00 +0100

Northern Ireland has historically always had a higher rate of economic inactivity than either the Republic of Ireland or any of the other 11 regions of the United Kingdom. While the overall rate of economic inactivity has actually reduced somewhat over the crisis from 2008, it still remains above all other regions. There is a distinction within the economically inactive between those who do not require a job and those who do want to work but can't.

Interestingly the reasons for economic inactivity among those who wish to work has seen much more change over the last number of years than the overall rate itself. Among those who want to work, family and other reasons (including discouraged workers and those temporarily displaced) have begun to rise again as reasons for inactivity. Long-term sickness which did increase over the last decade has begun to decrease.

The latest figures can be seen in indicator 3.4 in the latest NERI Quarterly Economic facts here.

Employment increases, incomes squeezed

Wed, 12 Jun 2013 16:00:00 +0100

Employment figures for the UK published today show a small return to growth in employment in the last three months to April this year. The increase in employment has been mainly due to a large increase in employment among older workers, many of pension age, and it is not clear whether this is by choice or whether older workers are finding themselves under financial pressure.

However the increase in employment does reflect a trend in the UK economy over the last two years. The current employment-output situation in the UK or "productivity puzzle" is covered in the latest NERI In-Brief here. One of the main reasons cited for increased employment and reduced growth is the reduction in real wages. As this comment piece from the Resolution Foundation shows, the squeeze on incomes is a real threat to economic recovery and its genesis predates the current crisis.

Labour costs in accommodation and food sector equal to Spain's

Tue, 11 Jun 2013 15:26:00 +0100

Not only did we recently have weather like the Spanish, labour costs were too.

The latest data from Eurostat (the European Statistics Agency) show that Irish labour costs in the Accommodation and Food sector are equal to those of Spain. Adjusting for the cost of living Irish labour costs are even lower than in Spain.

The data, which was recently updated, shows labour costs for the year 2011. Labour costs include wages, but also other costs faced by employers when employing a worker, such as social insurance (PRSI). Taking all the costs together, Irish labour costs are third lowest in western Europe, a fall on the previous year.

This updated data will appear in the next issue of the Quarterly Economic Facts (indicator 3.1b). The latest issue of the Quarterly Economic Facts are available here.

The Productivity Puzzle and Northern Ireland

Mon, 10 Jun 2013 15:15:00 +0100

Over the last two years, the UK economy has experienced stagnating output growth alongside increasing total employment. This counter-intuitive situation has come to be known as the "Productivity Puzzle". Northern Ireland has experienced a similar dynamic over the last two years. There is no agreement among researchers as to what may be causing this situation or whether it is a permanent or temporary feature of the economy.

This in-Brief seeks to examine the many possible causes of the productivity puzzle, their likelihood and to what extent thy apply to Northern Ireland. Whether this trend continues or not, it does pose some very important questions about the state of the domestic economy and how it may evolve in the near future.

The latest NERI In-Brief is here

Investment is still the key

Mon, 10 Jun 2013 10:29:00 +0100

Unemployment is the biggest single problem confronting Europe today. Ireland is no exception. With one in seven out of work, here, and one in four young people either out of work or not in education or training currently we are faced with a huge challenge. President Michael D. Higgins is correct to draw attention to the challenge that this problem poses to the future of European cooperation and social stability.

The answer to unemployment is employment - sustainable, quality employment that pays a living wage and not short-term, precarious jobs or no jobs at all. Fiscal austerity, alone, is the wrong answer. Most recognise this now even the most recalcitrant austerians. However, talk of 'structural reform' is potentially misleading especially if it means a continuing attempt to drive down wages, shrink public services further and sell off public goods and assets to the highest bidder for their long-term profitability.

Europe needs a new social deal.

A plan for economic recovery such as proposed by many national trade union federations including the DGB in Germany, the TUC in Britain and the ICTU here is called for. Recently the European Trade Union Confederation has outlined a proposal for a European wide investment stimulus.

To make a start, European Member States including Ireland should priorities an investment shock of between 1 and 2% of GDP per annum for a period of up to 5 years if necessary. This could be funded in a number of ways. In the case of Ireland the NERI has suggested a mix of public, private and European investment sources on a commercial basis without any necessary additions to General Government borrowing.

At 10% of GDP investment in Ireland is at its lowest ever and is at the very lowest of all 27 EU Member States. This is not sustainable economically or socially. In the absence of a State-led initiative to mobilise public and private sources of funding it is possible that investment will stagnate at around 10% of GDP for the foreseeable future. The history of capital investment during the so called Celtic Tiger boom years was one of chronic under-investment by the private sector in productive capacity coupled with over-investment of a speculative nature in particular types of commercial and residential property (not withstanding the shortage of good quality living accommodation in many areas now) and a public investment of mixed results but generally good outcomes in regards to public transport, education, health and roads. The absence of an innovative indigenous sector with sufficient scale and research power to compete on world markets is a continuing feature of lop-sided Irish industrial development over-reliant as it is on tax competition and badly coordinated social and economic investment.

The recent Government announcement of an investment stimulus using €150m of exchequer money next year is welcome. It seems that this will be combined with money from public-private partnerships as well as possible additional funding from the European Investment Bank. It is difficult to say how much additional investment is envisaged per year. Even if the additional overall investment were to be as high as €300 between now and the end of 2014 it represents about 0.2% of GDP. The scale of additional investment needed is much, much bigger than this. A modest and entirely realistic target of an additional 1% of GDP should be set rising to 2% of GDP over time so that we can boost investment by 2% of GDP from its current crisis level of 10 to 12%. Over time more private investment may flow. We need a combined public-private-European stimulus of at least €1.5 billion (or 1% of GDP) next year to make a start at addressing Ireland's infrastructural deficit and unemployment crisis.

The somewhat optimistic creation of 13,000 jobs claimed by government (based it would seem on an underlying additional investment of €600 million over a number of years) as a result of this latest announcement needs to be multiplied up many times. Even using conservative model estimates by the ESRI for investment impacts as well as NERI estimates using the HERMIN macro-economic model we estimate that an investment stimulus 'off-the-books' could yield over 16,000 jobs for every €1 billion of investment.

It should be remembered that public capital investment has declined from €6 billion in 2009 to approximately €3.3 billion this year. Government has made cuts of €1.3 billion to the public capital programme in the last two budgets. A decision to increases exchequer spending on capital by €150 million over the coming 18 months, while welcome, represents a 12% reversal of cuts over the last two Budgets. And it falls short by far from the scale of investment needed to make a serious inroad in terms of job creation and strategic investment.
But jobs are only one outcome of an investment stimulus. Economic activity, revenue buoyancy and a lowering of the fiscal deficit are other outcomes. An investment stimulus would be smart because:

It addresses infrastructural deficits in areas such as water, building insulation, broadband as well as the social infrastructure of primary health services, childcare, elder care and education/training;
It drives growth and employment which leads to a positive fiscal consolidation
It places Ireland on a positive footing to avail of better international conditions and opportunities in the future.

Where will the money come from? Do we need more investment? How many jobs?

These are important questions and will continue to be considered in NERI research. However, we need to go for a much more ambitious investment plan now and not later. If we don't we risk incurring higher costs, fewer jobs, less money, lower tax revenue and even less hope.
And Hope is what Europe needs right now.

Recession, Austerity and Household Income

Wed, 05 Jun 2013 10:53:00 +0100

The experience of recession and austerity over recent years has been widespread. The impact has been greatest on those who lost their jobs since the combined economic, fiscal, banking, property and social crisis hit Ireland.

Looking at just once indicator of the recession, household income, we can get an insight into the average impact of the recession on household's living standards. In the latest edition of the NERI's Quarterly Economic Facts, indicator 4.3a (p61-62) highlights the changes to average household disposable income over recent years. Disposable income measures the income a household has to spend after it has received all its incomes from employment, self-employment, investment and social transfers and after it has paid all its income taxation. Consequently, it allows us to monitor the collective impact of labour market, wage, earnings, welfare and income taxation changes on households. The data is from the CSO's Survey on Income and Living Conditions (SILC).

The indicator shows that between 2007 and 2011 average household incomes decreased from €47,988 to €41,819 (almost 13%) reflecting falls in earnings, reduced welfare payments and increases in income taxation levels. Overtime, the average household disposable incomes figure has fallen back towards 2005 levels (2011 = €41,819 and 2005 = €40,497).

Full details in the latest edition of the NERI's Quarterly Economic Facts.

President gives inaugural Donal Nevin lecture

Fri, 24 May 2013 12:05:00 +0100

'The work of this Institute, and others like it, is critical in advancing reasoned moral arguments about how the issues of work, employment, unemployment and social security are to be approached' said President Michael D. Higgins at the inaugural Dónal Nevin lecture at the Communications Workers Union HQ in Dublin on Thursday 23rd May. The family of the late Dónal Nevin in whose name the Institute is called was present. A full copy of the President's speech is available on the President's website.

The President identified a number of key themes regarding public economic discourse, research and education including the following remarks:

'And on an occasion such as this if I may be permitted to conclude with some wishes for the future of the Institute; wishes that go beyond the influence I know it will have and the good it will do; my wish is that it be rooted in grounded theory, be multi-disciplinary and that it locate its theory in the culture and moral instincts of those with emancipatory intent in scholarship.'
'The critical and independent analysis of an Institute such as the Nevin Economic Research Institute is an invaluable contribution to our democratic discourse'.
'The public need a pluralism of perspectives honestly stated.'
'Fundamentally, what the Institute and the Nevin Institute is doing is seeking to instigate a public discourse on the interconnectedness between moral philosophy and political economy.'
'The current discourse among many people has a taken-for-granted reality suggesting an inevitability to be uncritically accepted. This runs the risk of becoming ritualistic, allowing what is banal, and what has limited capacity or originality, lesser connection to the reality and the agony of the world. More seriously it can even sink to being an instrument of ideological propaganda.'

In my introductory remarks welcoming the President I stated:

A Uachtaráin cuireann sé áthas mór orainn fáilte a chur romhat chuig an Léacht speisialta seo. Cuireann sé tús le sraith léachtanna Dhónal Nevin. Tionólfar an Léacht seo gach bliain as seo amach agus is mór an onóir í go bhfuil tú anseo inár measc, a Uachtaráin, chun tús a chur leis an sraith seo. Cuirimid fáilte freisin roimh do bhean chéile agus roimh gach duine atá anseo inniu. Airím go speisialta Clann Dhonal Nevin - Moira agus Anne atá I láthair .
[President it gives us great joy to welcome you to this special lecture. It commences a series of lectures in memory of Dónal Nevin. It will be held every year. It is a great honour that you are here, President, to commence this lecture series. We welcome your wife Mrs Higgins and all gathered here this evening. I would like to mention especially the family of the late Donal Nevin, Maura and Anne who are present with us this evening.]
Nuair a bunaíodh an NERI bliain ó shin bhí sé mar aidhm againn polasaithe agus na féidireachtaí a bhaineadh leo a fhorbairt agus a léiriú. Measaimid go bhfuil práinn mhór ag gabháil le briseadh ón gcinniúnachas marfach atá i réim san Eoraip agus anseo.
[When the NERI was established a year ago it has been our aim to develop and clarify policies and options. We believe that there is an urgency to break with the deadly fatalism that has gripped much of Europe and here.]
Tá gá mór le ceannaireacht, nua, crógach agus intleachtúil

[There is a need for a new, courageous intellectual leadership]
Not only is it a great honour that you can give this lecture at this important time in Europe and in Ireland: the Nevin Economic Research Institute and all present here today look forward to hearing what you have to say. Our task is to research. Research requires deep, careful and honest endeavour. The questions we ask, the analysis we undertake and the conclusions, suggestions and recommendations we make in the sphere of moral political economy cannot be separated from our values - those things we care about and those things we share in common - the patrimony of all Europeans and Irish people of which the Irish trade union movement is part and from which the NERI is proud to take its source.
Mar atá scríofa I ngairdín an chuimhneacháin díreach cóngarch d'oifigeacha an NERI:

[As it is written in poem 'An Aisling' by Liam MacUistín in the Garden of Remembrance near the offices of the NERI]
Rinneadh samhradh den gheimhreadh. Rinneadh saoirse den daoirse agus d'fhágamar agaibhse mar oidhreacht í. A ghlúnta na saoirse cuimhnígí orainne, glúnta na haislinge.

'Winter became summer. Bondage became freedom and this we left to you as your inheritance. O generations of freedom remember us, the generations of the vision'

And as you have so eloquently written, President:
'The stuff of hope beckons out of the darkness...'

If Governments were really only like households

Mon, 20 May 2013 10:38:00 +0100

A visitor from outer space might be forgiven for concluding that the only or main economic problem confronting European States was deficit and debts - Government deficits and debts. The corollary of this problem is - of course - austerity to cure the ailment. Or is it? Lets compare the Government deficit to a household with a combined income of €40,000 a year and with a total mortgage and other debt amounts totalling close to €50,000 and an annual interest bill on all of its debts of around €2,000 without any mention of paying back the total debt of €50,000. The household spends around €43,000 a year leaving a gap between total spending and total income of around €3,000 a year. The household borrows an additional €3,000 a year to cover this gap.

A household in such a situation might have a number of options:
- Cut back on its planned spending by €3,000;
- Increase its income by finding additional income;
- Continuing to borrow an additional €3,000 a year.
- Enter an agreement with its bank or credit union to temporarily reduce its interest payments (and possibly also reduce some of its outstanding debt by mutual agreement).

A sensible household will adopt one or other of the above courses of action depending on its circumstances and options. It is sometimes assumed that Governments ought to work in the same way - balancing its books by cutting spending or raising taxes or both - especially if its official creditors and market lenders are putting pressure on them to do so. What makes sense for households does not always make sense for Governments especially if the economy as a whole is in recession along with other countries. Unlike households, every time a Government cuts spending or raises taxes there is a significant impact on what people spend on current goods or services or invest in capital. When all or most Governments in a trading area do the same thing matters get worse for many countries because demand for the goods and services of another country is reduced. So, Governments attempting to 'balance their books' need to act prudently in a way that does not make the situation worse by adding to economic decline. There is rising evidence that the 'austerity' measures coordinated and practiced across much of the European Union are making matters worse especially for countries in severe difficulties such as Greece, Portugal and Spain (but also France and Italy).
When recessions are deeply embedded, as they are now, Governments need to spend more and not less because (a) private demand is too low as consumers and companies either cut back or increase their savings; and (b) the demand for public services and income supports increase. Governments, along with private investors, also need to continuously invest in research and development as well as in human and physical capital in order to equip economies to grow out of recession and sustain growth in the long-run. Failing to properly invest is a false economy that risks generating lower long-term living standards. Moreover, Governments that engages in pro-cyclical 'fiscal austerity' risk choking off or delaying recovery.
Most of the above is widely accepted and uncontroversial even among a growing number of conservative economists and politicians internationally. The story, however, changes in the case of Ireland where, it is strongly asserted, the Government has no alternative because:
- The public deficit/debt levels are far too high and need to be brought down reasonably quickly and as a matter of priority;
- The impact of any 'stimulus' (Governments spending more or taxing less) is extremely limited in the case of a 'small open economy' such as Ireland where most of what is spent 'leaks out' through purchase of imported goods and services;
- The Government, here, has no alternative anyway because of the market, institutional and political constraints imposed on the country directly as a result of the 'bailout' programme involving the Troika as well as the on-going monitoring and enhanced supervision of Irish public finances by the institutions of the European Union of which Ireland is a full part already and which will continue after Ireland (hopefully) exits the bailout programme soon.

Available on this website are a number of reports, working papers and the Quarterly Economic Observer since March 2012, which illustrate that there is scope for alternative budgetary and economic strategies that:
- Reduce the level of public deficits and debt;
- Impact favourably on employment and growth in GDP and public finances; and
- Are likely to achieve budgetary deficit outcomes that are at least as good as, if not better, than those agreed between the Irish Government and the Troika.

Fiscal Stimulus, Unemployment and House Prices

Thu, 16 May 2013 15:21:00 +0100

The latest NERI seminar, from Kieran McQuinn and Robert Kelly of the Central Bank, examined the relationship between unemployment and house prices and used this relationship to examine the impact on banking defaults / mortgage defaults of economic growth. Modelling a fiscal stimulus of €2b, they estimated that bank defaults would decrease by about €660m; a saving to the state in either reduced future bank capital injections or refunds from current capital provisions. Combined with the ESRI estimated multiplier effect, where the cost to the economy of €2b stimulus is just under €1.3b, the research points towards the real cost of an investment stimulus in Ireland today. Ignoring that this investment would be in beneficial projects which would in any event pay for themselves over time (generally these are examined over a 20 year time period), the short term cost would be about €350m for every €1bn of stimulus.

The slides from the (excellent and very interesting) presentation and the accompanying Central Bank research paper are available here.

Ireland has the lowest Tax Wedge in Europe

Wed, 15 May 2013 10:48:00 +0100

The tax wedge measures the difference between the total labour costs to the employer (wages + employers PRSI) and the corresponding net take-home pay for an employee (gross wages - all income taxes and PRSI). It is generally reported as a percentage of total labour costs.

The latest OECD figures for the tax wedge have just been published as part of 'Taxing Wages 2013'. Looking at the result for the average single worker without children across the OECD, the report shows that Ireland has the lowest tax wedge in Europe (EU); and the seventh lowest among the 34 OECD member states included in the report. Using data for 2012, the Irish tax wedge equals 25.9% of total labour costs almost 10% below the OECD average of 35.6%. The components of the Irish tax wedge are income taxes (13.4%) + employee PRSI (2.9%) + employer PRSI (9.7%).

Compared to the average OECD position, Ireland's income tax take is about equivalent but social insurance contributions for both employees and employers are below average.

The latest OECD Taxing Wages report is here.

For more on Taxation and taxation policy in Ireland see my chapter on 'Taxation' in the 'Economy of Ireland' textbook (ed by O'Hagan and Newman, Gill and MacMillan) - details here.

Tax Revenue Stability and Corporation Tax

Mon, 13 May 2013 11:43:00 +0100

One of the lessons of the recent economic collapse (I hope!) has been the importance of a stable tax base. Total stability is impossible for a small open economy like Ireland; we will always have swings in economic performance which will alter the volume of economic transactions and tax revenues. However, policy should aim to limit exposure to tax revenue instability as well as closely monitor those areas where revenues are unstable.

Despite these lessons, we pay limited attention to the stability of the corporate tax system - one of the four main areas of exchequer revenue. Based on the recent Department of Finance Stability Programme Update (April 2013) corporation tax revenues account for 11% of total taxation income.

A recent US Government report, reported by RTE's David Murphy here and here, found that the effective rate of corporation tax for US multinationals in Ireland was 8%. A working paper from TCD's Jim Stewart found similar results based on an examination of company accounts (see here). The US report derives from growing attention within the US on the number of large companies who park their US tax liabilities off-shore for the long-term, thereby undermining the potential revenue for the US exchequer. As Ireland is one of those parking grounds, any reform to this system would impact on the medium-term flow of corporation tax revenues. There may also be a short-term effect if a US amnesty or repatriation incentive scheme was introduced.

Aside from this, I have written in my chapter on 'Taxation' in the 'Economy of Ireland' textbook (ed by O'Hagan and Newman, Gill and MacMillan), of the other threats to the stability of corporate tax revenues. These include the inevitable moves towards a more integrated European tax base and increased tax competition from other EU member states.

Overall, there remains some fear around any detailed public policy discussion of corporate taxation in Ireland - increases or decreased in rates, changes to tax exemptions, examinations of the effectiveness of tax breaks and incentives, medium-to-long-term planning for policy reform and revenue stability. When it represents an unstable tax revenue source, and one which provides around 11% of total tax revenue, we cannot afford to ignore it much longer.

Public sector clerical workers paid below the OECD average

Mon, 13 May 2013 11:05:00 +0100

Comparing wages of public sector workers across countries poses many difficulties. Nevertheless the OECD publishes some useful information.

In 2009 public sector clerical workers were paid below the OECD average. This is the latest available data (more timely data should be available in June). The OECD make adjustments for differences in working time and for the cost of living.

Since 2009, due to pay cuts, it is likely that clerical workers have fallen further down the international pay league.

More information on international pay comparisons can be found in the latest edition (Indicator 3.2a) of the NERI's Quarterly Economic Facts.

Households and Governments: how they differ

Mon, 13 May 2013 00:23:00 +0100

The gap between what the Government in Ireland takes in and what it spends is running at a rate of €1 billion every month. Clearly this is not sustainable in the long-run because it adds to the total amount of debt owed by citizens year after year. The total amount of debt owed by the Government on behalf of taxpayers is now well more than the size of the entire amount of goods and services produced in a year. It costs the taxpayer over €8 billion each year to 'service' this debt by way of interest payments. It is estimated that, in 2013, the cost of paying interest on this debt will account for two thirds of entire government deficit of over €12 billion.

This would be the equivalent of a household with a combined income of €40,000 a year with a total mortgage and other debt amounts totalling close to €50,000 and an annual interest bill on all of its debts of around €2,000 without any mention of paying back the total debt of €50,000. The household spends around €43,000 a year leaving a gap between total spending and total income of around €3,000 a year. The household borrows an additional €3,000 a year to cover this gap. A household in such a situation might have a number of options:
- Cut back on its planned spending by €3,000;
- Increase its income by finding additional income;
- Continuing to borrow an additional €3,000 a year.
- Enter an agreement with its bank or credit union to temporarily reduce its interest payments (and possibly also reduce some of its outstanding debt by mutual agreement).
A sensible household will adopt one or other of the above courses of action depending on its circumstances and options. It is sometimes assumed that Governments ought to work in the same way - balancing its books, cutting spending or raising taxes - especially if its official creditors and market lenders are putting pressure on them to do so. What makes sense for households does not always make sense for Governments especially if the economy as a whole is in recession along with other countries. Unlike households, every time a Government cuts spending or raises taxes there is a significant impact on what people spend on current goods or services or invest in capital. When all or most Governments in a trading area do the same thing matters get worse for many countries because demand for the goods and services of another country is reduced. So, Governments that seek to 'balance their books' need to act prudently in a way that does not make the situation worse by adding to economic decline. There is rising evidence that 'austerity' measures coordinated and practiced across much of the European Union is making matters worse especially for countries in severe difficulties such as Greece, Portugal and Spain (but also France and Italy).
When recessions are deeply embedded, as they are now, Governments need to spend more and not less because (a) private demand is too low as consumers and companies either cut back or increase their savings and (b) the demand for public services and income supports increase. Governments along with private investors also need to invest more in infrastructure such as public transport, new energy and new technology that will equip economies to grow out of recession and sustain growth in the long-run. Governments that practice 'fiscal austerity' too much and too quickly risk choking off recovery. The maxim that 'your income is my spending and my income is your spending' holds true not only among nations but within a country - even a small open economy such as Ireland where, for example, the public servant pays for groceries in the local shop and those working in the retail sector pay taxes. Spending, income and output are strongly inter-connected and Government decisions on spending and taxation have a strong impact on the economy as a whole.
Most of the above is widely accepted and uncontroversial even among a growing number of conservative economists and politicians internationally. The story, however, changes in the case of Ireland where, it is strongly asserted, the Government has no alternative because:
- The public deficit/debt levels are far too high and need to be brought down reasonably quickly and as a matter of priority;
- The impact of any 'stimulus' (Governments spending more or taxing less) is extremely limited in the case of a 'small open economy' such as Ireland where most of what is spent 'leaks out' through purchase of imported goods and services;
- The Government, here, has no alternative anyway because of the market, institutional and political constraints imposed on the country directly as a result of the 'bailout' programme involving the Troika as well as the on-going monitoring and enhanced supervision of Irish public finances by the institutions of the European Union of which Ireland is a full part already and which will continue after Ireland (hopefully) exits the bailout programme soon.
Space does not permit a full analysis of these assertions. However, the Nevin Economic Research Institute has produced a number of reports, working papers and the Quarterly Economic Observer since March 2012, which illustrate that there is scope for alternative budgetary and economic strategies that:
- Reduce the level of public deficits and debt;
- Impact favourably on employment and growth in GDP and public finances; and
- Are likely to achieve budgetary deficit outcomes that are at least as good as, if not better, than those agreed between the Irish Government and the Troika.

Working and living below the poverty line: ‘The Working Poor’

Wed, 08 May 2013 17:41:00 +0100

16% of the Irish population lives on an income which is less than the official poverty line - about €210 per adult per week. Given a population of approximately 4.58 million people this implies that almost 730,000 live at risk of poverty.

In the latest edition of the NERI's Quarterly Economic Facts document, indicator 5.3 examines the composition of those living below the poverty line in Ireland. Of all the workers in the Republic of Ireland, 6.5% are 'working poor'. When poverty among those aged 16 years and above is decomposed by principle economic status (the main thing that people do), those at work (the working poor) represent 14.2% of all those adults at risk of poverty.

Low wages, limited hours, precarious employment and the sustained impact of the recession goes some way to explaining these figures. It also implies policy challenges; something the NERI will return to in future publication on low pay and earnings.

Full details in the latest edition of the NERI's Quarterly Economic Facts.

Labour Market Conference 2013

Thu, 02 May 2013 11:24:00 +0100

On May 1st, the NERI hosted its inaugural Labour Market Confernece. Across the day, 15 papers were presented by researchers across the island on various labour market issues and policy topics. We have made most of the slides from the conference available on the NERI website here.