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The recent release by the Northern Ireland Statistics & Research Agency outlines significant shifts in the UK Labour Market. The Northern Ireland labor market experienced significant shifts in November 2023, as revealed by the latest statistics from the Northern Ireland Statistics & Research Agency (NISRA). These figures unveil crucial aspects of employment, earnings, redundancies, and unemployment rates, offering insights into the region’s economic landscape
Key Highlights:
- Payrolled employees in NI decreased by 0.1% in November 2023.
- Earnings witnessed a monthly decline of £38 (1.8%) to £2,064.
- Redundancies surged to 410, marking a threefold increase over the previous year.
- Unemployment dropped by 0.6 percentage points to 2.1%.
- Total weekly hours worked in NI increased by 3.5% over the quarter.
UK Labour Market Payrolled Employees and Earnings Dip
In November 2023, payrolled employees in Northern Ireland decreased by 0.1%, totaling 796,400 individuals, while earnings witnessed a £38 (1.8%) monthly decline, settling at £2,064. This contrasts with a 1.7% yearly increase in employee numbers and a £46 (2.3%) rise in earnings.
Confirmations of redundancies soared to 410 in November 2023, marking a staggering threefold increase compared to the previous year. The total number of confirmed redundancies over the past 12 months hit 2,590, signifying a considerable rise.
| Category | November 2023 Figures | Yearly Change |
|---|---|---|
| Payrolled Employees | 796,400 | +1.7% |
| Median Monthly Earnings (£) | £2,064 | +2.3% |
| Redundancies Confirmed | 410 | +204% |
| Redundancies Proposed | 390 | +181% |
| Unemployment Rate (%) | 2.1 | -0.6 pps |
| Employment Rate (%) | 72.8 | +1.5 pps |
| Weekly Hours Worked (million) | 28.7 | +3.7% |
| Economic Inactivity Rate (%) | 25.8 | -0.9 pps |
| Vacancies in the UK (thousands) | 949 | -45 on the quarter |
| Regular Pay Growth in Great Britain (%) | 7.3 | |
| Employee Jobs in the UK (million) | 32.5 | +210,000 |
| Payrolled Employees in the UK (million) | 30.2 | -13,000 |
Employment and Unemployment Rates Show Notable Changes
Unemployment in Northern Ireland recorded a 2.1% rate, dropping by 0.6 percentage points (pps) over the quarter. The employment rate for the age group 16 to 64 increased by 1.7pps, totaling 72.8%. Additionally, total weekly hours worked surged by 3.5% over the quarter.
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Sector Responses and UUK Labour Market Focus
Labour disputes resulted in 131,000 lost working days in the UK in October 2023, primarily concentrated in the health and social work sector. Meanwhile, the UK’s labour market report remains a pivotal focus, particularly regarding the jobless rate.
The UK experienced a decline of 45,000 vacancies in September-November 2023, marking 17 consecutive quarterly drops. However, regular pay growth remained robust at 7.3% annually in August-October 2023, albeit slightly lower than recent periods.
UK Labour Market Chancellor’s Perspective
Jeremy Hunt, the Chancellor of Exchequer, lauded the falling inflation and growing real wages. He highlighted significant measures to drive employment and economic growth, emphasizing a substantial expansion of health support and substantial tax cuts.
The Northern Ireland Labour Market’s latest statistics shed light on intricate economic shifts, reflecting both challenges and positive momentum.
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Conclusion
The recent data highlights both challenges and positive trends within Northern Ireland’s labor market. While payrolled employees saw a slight decrease and earnings faced a monthly decline, the surge in redundancies contrasts sharply. However, the decrease in unemployment coupled with a notable increase in weekly hours worked indicates resilience and potential for economic recovery in the region. These statistics serve as a barometer of the ongoing shifts within Northern Ireland’s employment landscape, showcasing areas of concern and improvement.
