Good economic news thread

Saipanne

Charles Babbage wrote: »

More jobs http://www.independent.ie/business/jobs/number-of-people-in-ireland-at-work-breaks-two-million-mark-for-first-time-since-2008-34988335.html

and because of this, good news for some, perhaps not for others, net immigration resumes.

Neato guys, great work. High fives all round!

Godge

Jobs go over 2 million, and we are in a net immigration situation again. Very positive news.

daithi7

Godge wrote: »

Jobs go over 2 million, and we are in a net immigration situation again. Very positive news.

Yeah, it's a seriously good, good news story too.

Employment up, unemployment rate falling, net immigration up, tax take rising, economy growing. All good, very good indeed!!

P s. It always amazes me that the media concentrate so much on the unemployment rate as opposed to the number of people at work as a sign of the health of the economy. I've always thought that it's much more important to have more people at work year on year than having a lower unemployment rate per se. Yes, one follows the other to some extent, but numbers coming out of school /college etc also affect the unemployment rate hugely , which in some ways are beyond anyone's control, as they're predominantly determined by demographics, etc.

daithi7

daithi7 wrote: »

Yeah, it's a seriously good, good news story too.

Employment up, unemployment rate falling, net immigration up, tax take rising, economy growing. All good, very good indeed!!

P s. It always amazes me that the media concentrate so much on the unemployment rate as opposed to the number of people at work as a sign of the health of the economy. I've always thought that it's much more important to have more people at work year on year than having a lower unemployment rate per se. Yes, one follows the other to some extent, but numbers coming out of school /college etc also affect the unemployment rate hugely , which in some ways are beyond anyone's control, as they're predominantly determined by demographics, etc.

More of our young people returning to the Ould Sod. http://www.independent.ie/irish-news/irish-abroad/why-would-anyone-want-to-return-irelands-latest-emigration-numbers-spark-major-debate-on-social-media-34991852.html

Villa05

Where is the evidence that those coming here are returning emigrants.

Is it not more likely that these people are Europeans filling positions requiring languages and other skills that our education systems has failed to produce in sufficient numbers

serfboard

Villa05 wrote: »

Where is the evidence that those coming here are returning emigrants.

Is it not more likely that these people are Europeans filling positions requiring languages and other skills that our education systems has failed to produce in sufficient numbers

According to the article that was quoted:

The Irish Independent wrote:

At least 21,100 people with Irish nationality came into the country in this period ... Overall, 79,300 people came to live in Ireland

So, about a quarter of the immigrants are returning emigrants, but the vast majority are not.

Villa05

Villa05 wrote: »

Where is the evidence that those coming here are returning emigrants.

Well 21,000 of them had Irish passports, so it seems fairly likely.

I moved back myself and I know some others who have come back from Europe, Australia and Canada.

Still, it's only 1 in 4 migrants that have Irish passports. The vast majority are still foreign immigrants.

serfboard

Villa05 wrote: »

Is it not more likely that these people are Europeans filling positions requiring languages and other skills that our education systems has failed to produce in sufficient numbers

I'll take your point about the other skills, but you cannot in all seriousness say that it's a terrible thing that our education system doesn't produce more Norwegian speakers, more Turkish speakers etc. etc.

For tax reasons, foreign multinationals are locating call centres here. They are never going to find Irish citizens with these qualifications - nor should they.

daithi7

serfboard wrote: »

I'll take your point about the other skills, but you cannot in all seriousness say that it's a terrible thing that our education system doesn't produce more Norwegian speakers, more Turkish speakers etc. etc.

For tax reasons, foreign multinationals are locating call centres here. They are never going to find Irish citizens with these qualifications - nor should they.

And these foreign workers work here, contribute massively to the Irish economy , pay taxes and often end up buying houses here,etc, etc
How bad hey!?

Avatar MIA

People sick of good economic news stories?

The unemployed rate down to 2008 levels was good news earlier this week.

But, this story caught my eye today.

http://www.irishtimes.com/business/economy/apple-faces-massive-interest-bill-as-irish-transfer-nears-1.2928254

Looks like Apple are going to lodge money into an escrow, with the involvement of NTMA (to fund manage?). So, while it may take 6 or so years, are we going to see a chunk of the famous €19B?

Rightwing

daithi7 wrote: »

And these foreign workers work here, contribute massively to the Irish economy , pay taxes and often end up buying houses here,etc, etc
How bad hey!?

And staying in hotels, like in ballaghdareen.

blanch152

http://www.rte.ie/news/business/2017/0202/849546-live-register-down-at-november-2008-low/

" the number of long term claimants on the Live Register last month stood at 119,263, down 18% on the same time the previous year. "

This is a very good result in particular, a bigger decrease than the 13.9% cut in the overall Register.


http://www.independent.ie/business/irish/higher-vat-returns-lift-states-finances-in-january-generating-147bn-exchequer-surplus-35418625.html

"Higher VAT returns lifted the State’s finances in January, helping generate a €1.47bn Exchequer surplus"


http://www.finance.gov.ie/what-we-do/public-finances/exchequer-returns/exchequer-statements/fiscal-monitor-incorporating


"Tax revenue of €4,769 million was collected to end-January 2017, an increase of 6.1% or €272 million on the same period last year."


The only caveat to these tax figures is that we haven't seen the expected profile for 2017 yet as it hasn't been published, so we don't know if the figures are behind or ahead of expectations.

serfboard

blanch152 wrote: »

" the number of long term claimants on the Live Register last month stood at 119,263, down 18% on the same time the previous year. "

This is a very good result in particular, a bigger decrease than the 13.9% cut in the overall Register.

That is a very good result and tallies for me personally with the increase in Breakfast Roll/White Van men I am seeing ...

OTOH, to thrown a bit of cynicism into the mix (:rolleyes:) I would like to see a breakdown of those numbers. How many long-term unemployed are on courses, or how many long-term claimants retired? In both cases they are no longer long-term unemployed, but they are still receiving payments from welfare.

eire4

Avatar MIA wrote: »

People sick of good economic news stories?

The unemployed rate down to 2008 levels was good news earlier this week.

But, this story caught my eye today.

http://www.irishtimes.com/business/economy/apple-faces-massive-interest-bill-as-irish-transfer-nears-1.2928254

Looks like Apple are going to lodge money into an escrow, with the involvement of NTMA (to fund manage?). So, while it may take 6 or so years, are we going to see a chunk of the famous €19B?

Lets hope so. That would be a significant number even if it is likely to be as you say 5-6 years down the road before we might actually get the money from Apple.

Phoebas

We are now down below 7% unemployment for the first time since 2008.

Great news for job seekers.

eire4

Phoebas wrote: »

We are now down below 7% unemployment for the first time since 2008.

Great news for job seekers.

The actual numbers of people in work is a key number to note there in that article that is very positive.

blanch152

http://www.rte.ie/news/business/2017/0228/856062-unemployment-figures/

A decade later, first-half FF austerity, second-half FG/Labour/Green/Ind governments and we are back to where we started.

Charles Babbage

blanch152 wrote: »

http://www.rte.ie/news/business/2017/0228/856062-unemployment-figures/

A decade later, first-half FF austerity, second-half FG/Labour/Green/Ind governments and we are back to where we started.

Hopefully we are back in 1999. TIme to party.

johnnyskeleton

blanch152 wrote: »

http://www.rte.ie/news/business/2017/0228/856062-unemployment-figures/

A decade later, first-half FF austerity, second-half FG/Labour/Green/Ind governments and we are back to where we started.

Well 6.6% is not as good as the ~4%, and while we have ~300k more people employed now than at the depths of the recession, we are still ~100k less than our employment height of 2.15m people employed in 2008.

On the plus side, a lot of those jobs in 2008 were construction bubble jobs (c. 250k) and I'd like to think the jobs we have now are a lot more stable jobs.

Still, it's very good news indeed. I wouldn't say we are back where we started, I'd say we are in a less lofty but more stable position.

carzony

Still the cost of living needs to reduce or the cost of labour needs to increase. Many jobs created are low wage with terrible contracts atm. Hopefully this will also change soon.

blanch152

carzony wrote: »

Still the cost of living needs to reduce or the cost of labour needs to increase. Many jobs created are low wage with terrible contracts atm. Hopefully this will also change soon.

If you analyse economic recoveries from recessions, you will see a similar pattern. Employers are reluctant initially to take on staff, and when they do, initially those jobs are temporary/low wage. As the recovery progresses, competition for skilled staff ensures that better employment conditions are available.

johnnyskeleton

carzony wrote: »

Still the cost of living needs to reduce or the cost of labour needs to increase. Many jobs created are low wage with terrible contracts atm. Hopefully this will also change soon.

Yep. And nonsense like jobbridge and so forth also skews the stats. An investment in infrastructural projects would be timely

Sam Russell

johnnyskeleton wrote: »

Yep. And nonsense like jobbridge and so forth also skews the stats. An investment in infrastructural projects would be timely

Particularly if the low interest money could be used.

carzony

blanch152 wrote: »

If you analyse economic recoveries from recessions, you will see a similar pattern. Employers are reluctant initially to take on staff, and when they do, initially those jobs are temporary/low wage. As the recovery progresses, competition for skilled staff ensures that better employment conditions are available.

My company is currently like that, taking on just about anyone. Hopefully it changes soon. It's soul destroying being paid the same as some of the fools who walk in the door.

I'm on an 8 hour weekly contract, getting 47 hours a weeks but, that's just luck on my part I suppose. certainly not sustainable though.

blanch152

carzony wrote: »

My company is currently like that, taking on just about anyone. Hopefully it changes soon. It's soul destroying being paid the same as some of the fools who walk in the door.

I'm on an 8 hour weekly contract, getting 47 hours a weeks but, that's just luck on my part I suppose. certainly not sustainable though.

You're obviously in an employment where prospects are improving. Sooner or later a competitor will be offering better deals to take the better more experienced employees. You should keep your eyes open and be in touch with recruitment companies.

Brian?

johnnyskeleton wrote: »

Well 6.6% is not as good as the ~4%, and while we have ~300k more people employed now than at the depths of the recession, we are still ~100k less than our employment height of 2.15m people employed in 2008.

On the plus side, a lot of those jobs in 2008 were construction bubble jobs (c. 250k) and I'd like to think the jobs we have now are a lot more stable jobs.

Still, it's very good news indeed. I wouldn't say we are back where we started, I'd say we are in a less lofty but more stable position.

I'd be interested in seeing the breakdown by job sector, is that easily available?

My own employer is having trouble hiring engineering graduates and keeping them. The manufacturing sector in Ireland is buoyant right now.

Suryavarman

Brian? wrote: »

I'd be interested in seeing the breakdown by job sector, is that easily available?

My own employer is having trouble hiring engineering graduates and keeping them. The manufacturing sector in Ireland is buoyant right now.

Here might be what you're looking for. The CSO website should have something that goes back further if you want to spend the time looking for it.

Phoebas

More good news on the unemployment front - we are now down to 6.2% - the lowest in 9 years.

Rightwing

Phoebas wrote: »

More good news on the unemployment front - we are now down to 6.2% - the lowest in 9 years.

As I always suspected, it rubbishes the theory that 'people don't want to work'.

Geuze

Note that although the UNR is falling, yes, the employment rate is still below other countries. We are at best mid-table in the EU.

This is for those adults aged 20-64