Northern Ireland’s Labour Force Survey (LFS) churned out more record highs and lows of the positive variety in Q3 2019. However, looking through all the statistical noise there are still signs that suggest the labour market cycle has turned. A surge in self-employment has been accompanied by a reduction in the number of ‘employees’ working. Meanwhile the total number of hours worked and average hours worked has eased back from its highs earlier in the year. Given the marked deterioration in business conditions in Q3 and Q4 it is expected that this will increasingly become evident within the labour market in the coming quarters. Q2 2019 is still likely to have represented the peak in the total number of employee jobs as measured in the Quarterly Employment Survey.
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.
A report that looks at recruitment trends across Northern Ireland is urging local companies to improve their employment offering to attract and retain talent.
Good news for the consumer. Not only have average UK earnings posted their largest rise since 2009 but inflation fell more than expected, boosting hopes the recent real income squeeze is coming to an end.
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.