Northern Ireland’s Jobs Market Shows Mixed Signals in October

Official data indicates that Northern Ireland’s employment sector exhibited some indications of softening during October. The total number of individuals recorded on company payrolls reached 805,300 in October. This figure represents a minor reduction compared to September, yet it marks a 1.1% rise when compared to October of the previous year. Growth in wages continued to surpass the rate of inflation, with the average monthly earnings in October standing at £2,258. This represents an increase of 7%, or £148, compared to the preceding year. Nevertheless, Northern Ireland registered as the region with the lowest earnings across the UK in October, where the average typical monthly pay for the UK as a whole was £2,438. The unemployment rate for the period spanning July to September remained at 2%, showing no change from the preceding quarter and a marginal decline compared to the same period in the prior year. The employment rate, which signifies the proportion of the population in work, decreased over both the quarter and the year, settling at 70.3%. The rate of economic inactivity, defined as the number of individuals neither employed nor seeking work, rose during both the quarter and the year, reaching 28.2%. These statistics emerge concurrently with a monthly survey conducted by Ulster Bank, which indicates robust continued growth within Northern Ireland’s private sector during October. Each month, the bank surveys businesses throughout the private sector regarding aspects such as staffing levels, order books, and exports, a practice widely regarded as a dependable gauge of economic performance. During October, business activity expanded at the quickest rate among all UK regions, accompanied by increases in both new orders and employment. Sebastian Burnside, chief economist at NatWest, commented: “Northern Ireland remained a standout performer across the UK, posting the fastest increases in output and employment. “The latter rose solidly, despite ongoing reports from firms of difficulties recruiting staff amid a shortage of suitable candidates.“Despite the continued growth in the private sector, business sentiment dropped to the weakest in the year-to-date. “The survey was conducted prior to the Budget and so we’ll be able to see next month what impact, if any, the changes to taxation and spending have on local company confidence.” Copyright 2024 BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking.