The latest labour market statistics for Northern Ireland have been released by the Northern Ireland Statistics & Research Agency, providing valuable insights into the state of the economy. The data reveals interesting trends in payrolled employees, earnings, unemployment rates, and redundancies, shedding light on the current economic landscape.
According to the report, the number of employees receiving pay through HMRC PAYE in NI saw a slight increase of 0.1% over the month, reaching 807,700 in July 2024. This marks a 2.3% increase over the year. However, median earnings experienced a decrease of £82 (3.5%) over the month, standing at £2,249 in July 2024. Despite this monthly decline, earnings were 7.9% higher than the previous year.
The report also highlights the performance of different industry sectors in terms of median monthly pay. Sectors such as ‚Education‘, ‚Other service activities‘, ‚Agriculture, forestry and fishing‘, and ‚Arts, entertainment and recreation‘ recorded the largest percentage increases in earnings over the year. These sectors, which had median monthly earnings below the NI average, showed promising growth in terms of pay.
In terms of unemployment, the seasonally adjusted claimant count rate increased by 6.1% over the month in July 2024, with 41,000 individuals (4.2% of the workforce) on the claimant count. This increase is attributed to the rise in the administrative earnings threshold for Universal Credit in May 2024. Additionally, confirmed redundancies almost doubled over the year, with 2,550 redundancies confirmed from August 2023 to July 2024.
The Labour Force Survey headline measures provide further insights into the labour market situation. The unemployment rate for April-June 2024 was estimated at 1.9%, showing a decrease of 0.2 percentage points over the quarter and 0.7 percentage points over the year. The employment rate increased by 1.2 percentage points over the year to 71.6%, while the economic inactivity rate decreased by 0.7 percentage points to 27.1%.
Overall, the data indicates positive trends in payrolled employee numbers and earnings over the year. The unemployment rate has decreased, while the employment rate has increased, reflecting a healthier labour market. However, the increase in the claimant count rate and confirmed redundancies signal ongoing challenges in the economy.
The Labour Market Report serves as a valuable resource for policymakers, businesses, economists, and the general public interested in the local economy. The detailed analysis provided in the report offers a comprehensive overview of the labour market dynamics in Northern Ireland. As the economy continues to evolve, monitoring these statistics will be crucial for understanding trends and making informed decisions.
In conclusion, the latest labour market statistics paint a nuanced picture of the economic landscape in Northern Ireland. While there are positive indicators such as growth in payrolled employees and earnings, challenges such as rising claimant counts and redundancies persist. By staying informed and analyzing these trends, stakeholders can better navigate the changing economic environment and work towards sustainable growth and prosperity.