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Posts in the "Jobs" category

Irish labour costs amongst lowest in Western Europe

Posted on September 02, 2013 by Rory O'Farrell

business sector labour costs - business sector labour costs
business sector labour costs

Ireland's labour costs in the business economy continue to be amongst the lowest in Western Europe.

Labour costs differ from wages in that they also include other costs faced by employers such as PRSI. Therefore labour costs are a far more relevant way to compare competitiveness across countries. Ireland has one of the lowest rates of employer social contributions in both Western Europe and the EU as a whole. 

In Ireland it costs €24.57 to employ a worker for one hour, compared to €39.61 in Denmark. Adjusting for differences in cost of living Ireland falls even further, with adjusted labour costs lower than those in Spain.

Full details can be seen in indicator 3.1 in the latest edition of the NERI's Quarterly Economic Facts.

Permanent link | Categories: JobsLabour costs

A welcome (if modest) increase in employment

Posted on September 02, 2013 by Tom Healy

Tmp Jobs

The publication, recently, by the Central Statistics Office of results from their Quarterly National Household Survey for the year to June 2013 has provided a welcome respite to the generally negative employment news since the beginning of 2008. Employment is now increasing across most sectors and occupations, both in full-time and in part-time employments. Notwithstanding very disappointing results for GDP in the first quarter of this year (see NERI Quarterly Economic Observer of Summer 2013) an increase in employment is welcome. In summary, the number of jobs is up by 34,000 in the year to June 2013, the numbers unemployed (as measured by ILO definitions) is down 22,000 while the numbers in the workforce (including the unemployed) is up by 16,000). The total estimated population is up slightly. Could this be the turning point? Could the austerity zealots be right after all?Doubtfully. A number of factors weigh on the Irish economies, North and South:

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Permanent link | Categories: Government SpendingInvestmentJobsMacroeconomics

A broader view of labour market statistics in Northern Ireland

Posted on August 14, 2013 by Paul Mac Flynn

The unemployment rate in Northern Ireland fell below that of the UK for the 3 months to the end of June this year. This is welcome news, but as with all economic and labour market data, a quick glance never reveals the true story.

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Permanent link | Categories: JobsNorthern Ireland

Over thirty unemployed people for each vacancy

Posted on July 15, 2013 by Rory O'Farrell

unemployed per vacancy - Unemployed workers per vacancy.
Unemployed workers per vacancy.

In 2012 there were 32.1 people available for work for each vacancy. Though there are some shortages for specific skills (Forfás has recently released a report on the issue), the main cause of unemployment is not a lack of people willing to work, but simply a lack of jobs.

In contrast, in Germany there are only 2.2 unemployed persons per vacancy, showing that in Germany unemployment is mainly due to people being genuinely 'between jobs', which is normal in a health economy.

More information on vacancies can be seen in indicator 2.6 of the latest NERI Quaterly Economic Facts.

Permanent link | Categories: Jobs

Revisions to UK GDP growth

Posted on June 28, 2013 by Paul Mac Flynn

The ONS yesterday released the third estimate of GDP figures for the first quarter of 2013 where growth was revised down from 0.6% to 0.3%. The revisions to recent historical data also erased the "double-dip" recession that was thought to have occurred in in the first quarter of 2012. Growth in 2012 Q1 was revised up from -0.1% to 0.0%, a stagnation as opposed to contraction. The ONS report is here

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Permanent link | Categories: JobsMacroeconomicsNorthern Ireland

Changing Reasons for Economic Inactivity

Posted on June 16, 2013 by Paul Mac Flynn

InActivity

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.

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Permanent link | Categories: JobsNorthern Ireland

Employment increases, incomes squeezed

Posted on June 12, 2013 by Paul Mac Flynn

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.

 

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Permanent link | Categories: IncomeJobsLabour costsNorthern Ireland

Investment is still the key

Posted on June 10, 2013 by Tom Healy

Tom Healy, Director NERI - Tom Healy, Director NERI
Tom Healy, Director NERI

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.

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Permanent link | Categories: Government SpendingInvestmentJobsMacroeconomics

Fiscal Stimulus, Unemployment and House Prices

Posted on May 16, 2013 by Micheál Collins

Publication cover - McQuinn_Kelly_NERI_2013 - Cover image for McQuinn_Kelly_NERI_2013
Cover image for McQuinn_Kelly_NERI_2013

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.

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Permanent link | Categories: Government SpendingJobsMacroeconomics

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

Posted on May 08, 2013 by Micheál Collins

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.

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Permanent link | Categories: IncomeInequalityJobs

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