Record Employment in Northern Ireland but 13,500 vacancies require candidates
The private sector in Northern Ireland continues on a growth pattern. Also, there are thousands of workers who pick up a pay packet every week /month. Additionally, the private sector had a growth of 2.6 percent, adding 13,900 jobs, as per the latest statistics of the labor market.
Furthermore the message here is that since June 2014, private industry has generated an overall gain of 100,000 jobs. Most of them were in low paid or low productivity sectors such as wholesale /retail trade or in accommodation and food services. Moreover, the employment rate in the north stands at 70.3 percent, which is below the UK rate of 75.8 percent. There is a reduction in the unemployment levels and only 3.8 percent population in the working age in it. The comparative figures are the UK at 4 percent, the Republic of Ireland at 5.3 percent) and EU at 6.7 percent. Also, 46.1 percent of unemployed persons in the north were out of work for one year or more. In the UK this figure is 26.1 percent.
There is an Economic inactivity but the rate decreased in the quarter and in 2018 it was 26.8 per cent. The figures for confirmed redundancies is 2,575 in the past 12 months is higher than in the previous year – 1,712. The rigid labor market is a problem for local employers and also the talent pools are not attracting any fresh talents. This has translated into constant wage increase. Average full-time weekly earnings, in Northern Ireland had an increase of 4.2 percent in the year. They stand now at £521 (the UK figure is £569). Belfast recorded the highest Earnings £565 and the Causeway Coast/Glens area was lowest at £431.
Furthermore the average earnings in the UK increased by 3.4 percent in the year and also outpaced inflation. Additionally there was an increase in Employment by 167,000 in the Oct- December 2018 to 32.6 million, and the unemployment declined by 14,000 to 1.36 million. Job vacancies had an increase of 16,000 standing at 870,000. The figures in Northern Ireland are 13,492.
Furthermore, these positive trends are welcome which demonstrate that the political and economic uncertainty has not affected the business owners. They run the firms, and also employ people to generate wealth. Also, there is a necessity for improving the business scene. The ministers must make decisions, to increase skills and infrastructure and also support business. The fact is that presently the local business environment is not ideal. The next budget must protect SMEs by continuing rate reliefs, industrial de-rating and rate relief scheme. These measures will ensure economic progress.
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