A Glimpse into Record-Low Unemployment Rates in Northern Ireland
15 November 2023 by Justin Rush
As we step into the final quarter of 2023, the employment landscape in Northern Ireland paints a picture of resilience and recovery, reflecting positive trends in the aftermath of global economic challenges. The recently released Labour Market data by the Northern Ireland Statistics and Research Agency (NISRA) reveals impressive figures that not only capture the current state of employment but also offer insights into the region’s economic vitality.
Record-Low Unemployment Rates
One of the standout statistics is the record-low unemployment rate of 2.1% recorded between July and September 2023. This significant accomplishment emphasises the strength of the job market in Northern Ireland and indicates a substantial move towards greater employment prospects.
Economic Inactivity Reduction and Earnings on the Rise
Following the low unemployment rate is a reduction in levels of economic inactivity. This positive trend aligns with a slight rise in earnings, as indicated by the October 2023 HMRC data. The median monthly pay in Northern Ireland reached £2,100, marking a £2 increase over the previous month and a substantial £118 increase over the past year. These figures reflect not only a healthy job market but also an improvement in the financial well-being of workers.
Unemployment Benefit Claims Decrease, Yet Challenges Persist
While the number of people claiming unemployment-related benefits dropped by 0.2%, indicating a positive trend, it’s crucial to note that the figure remains 24.2% higher than pre-pandemic levels. Despite the efforts made in reducing unemployment, challenges persist for a segment of the workforce. As a recruitment agency, we understand the importance of addressing these challenges and connecting qualified individuals with the right opportunities.
Total Hours Worked Still Below Pre-Pandemic Levels
Another aspect to consider is the total number of hours worked, which remains below pre-pandemic levels. Between July and September 2023, the total weekly hours worked were around 27.8 million, reflecting a 4.5% decrease compared to the figures recorded in October-December 2019. While the overall employment scenario is positive, the lingering impact of the pandemic is evident in this aspect, highlighting the need for ongoing support and adaptation in the job market.
Navigating the Employment Landscape with Abacus Careers
As the employment landscape evolves, Abacus Careers remains committed to facilitating the connection between talented individuals and thriving organisations. Our role goes beyond traditional recruitment; we are dedicated to understanding the nuances of the job market and providing tailored solutions that benefit both employers and job seekers.
The recent figures on employment rates in Northern Ireland are undoubtedly encouraging, highlighting a resilient recovery from the challenges posed by the global pandemic. As we move forward, Abacus Careers stands ready to navigate this dynamic landscape, offering unparalleled support to both employers and individuals seeking to thrive in the evolving world of work.
Whether your company is looking to hire top-notch talent or needs recruitment support, reach out to our team today.
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