Output rises but confidence continues to slide

Today sees the release of October data from the Ulster Bank Northern Ireland PMI. The latest report – produced for Ulster Bank by IHS Markit – pointed to a slight pick-up in growth in October, with both output and new orders rising more quickly than in September. Rates of expansion were still weaker than seen earlier in the year, however. The rate of job creation also ticked up, but business sentiment dropped to the weakest in the 20-month series history. On the price front, both input costs and output prices increased at sharper rates amid higher costs for a range of inputs.

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Why we need to look closely at the age in wage

If you’re in your 30s, you might want to look away now. Ten years ago, your age bracket was the highest earning on average in Northern Ireland’s private sector, with average earnings more than one-fifth higher than the typical person aged over-60. Today, those in their 30s earn less than any other older working age-bracket. That’s a significant change in a 10-year period and is very much worth exploring.

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Wrong direction

Northern Ireland’s Labour Force Survey (LFS) has been a source of record breaking highs and lows of the positive variety over the last two years.  More recently, Q1 2018 witnessed an all-time low unemployment rate of 3.1% with a record number of people in work in the three months to May. However, the subsequent data has seen rising unemployment coupled with a falling number of people in work.

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