Jobs figures highlight strong economic momentum
Ibec, the group that represents Irish business, today said new CSO figures showing annual employment growth of 3% in Q2 provide further evidence of the strong positive momentum in the economy, with unemployment likely to drop below 9% by the end of the year. In additional positive news, migration numbers in the year to April suggest that 2015 will finally see the end of a damaging cycle of net emigration.
Commenting on the CSO’s latest Quarterly National Household Survey, Ibec Senior Economist Gerard Brady said: “The jobs market still provides our best indicator of how the economy is performing. Today’s figures provide further evidence of a broadening recovery, following the impressive Q1 GDP numbers. Employment growth, which came from 11 of 14 sectors and was evenly spread across all regions, shows that the economic recovery is starting to reach all parts of the country.
“However, the recovery will not be without its challenges. The expanding labour force and end of net migration will intensify demographic pressures that already exist in the economy. Ireland has the youngest population in Europe and is expected to be its fastest growing over the next 30 years. Despite this we have the third lowest level of investment in the EU.
“Starting with the forthcoming budget, we must ensure the country has the transport, education, housing and broadband infrastructure it needs to prosper. Failure to invest will make Ireland a less attractive place to live and work, and will threaten competitiveness. This can already be seen in the Dublin housing market and will only get worse if no action is taken.”
