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Good economic news thread

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Comments

  • #452
    beeno67
    Registered Users, Registered Users 2 Posts: 1,218 ✭✭✭beeno67


    Godge wrote: »
    Those are incredible figures.

    Income tax up 4% y-o-y after the cuts in the budget implies a growth rate in the domestic economy of around 5% (stripping out the distortion effects of the MNCs.). People should be feeling this good news in their pockets now as pay increases, it can't just be new employment.

    In fairness the timings matter a lot here. Figures good, but not as good as they appear to be. We will have a better picture next month.


  • #453
    Dave!
    Closed Accounts Posts: 27,856 ✭✭✭✭Dave!


    Godge wrote: »
    http://www.rte.ie/news/business/2015/0204/677759-cso-live-register/

    An so it continues, unemployment down even further to 10.5%.

    We are now down 20% from the peak.

    It is now very difficult to argue against the idea that the domestic economy has started a strong recovery.

    I'd recommend you avoid Twitter, because you'll find no shortage of people (still) pointing to emigration and Jobbridge as the reason for the continuing drop in unemployment – even with income tax takes increasing. In the mind of the doom merchants, the only jobs being created are toilet cleaning internships. Meanwhile, in the real world...

    http://www.rte.ie/news/2015/0204/677753-eircom-jobs-apprentice-graduate/
    Eircom to create 375 apprentice and graduate jobs over next five years

    Eircom has launched new apprentice and graduate programmes which will create 375 new jobs in the company over the next five years.

    The Group says the initiative is part of a €18m investment aimed at enhancing the company's skills base.

    Eircom says this is the first large-scale sustained recruitment programme by the company in almost 30 years.

    300 jobs will be created through an apprentice programme which will run over five years, recruiting 60 apprentices per year.

    A further 75 jobs will be created through a graduate programme which will also run over five years, recruiting 15 honours graduates a year.

    Applications are open from today and both programmes will run for two years from September.



  • #454
    Godge
    Closed Accounts Posts: 21,717 ✭✭✭✭Godge


    Dave! wrote: »
    I'd recommend you avoid Twitter, because you'll find no shortage of people (still) pointing to emigration and Jobbridge as the reason for the continuing drop in unemployment – even with income tax takes increasing.

    Oh I tried Twitter for a short while, it made boards.ie seem like a haven of intellectualism.

    The CSO National Household Survey backs up the employment numbers.

    I wouldn't be surprised if 2015 saw a return to net immigration, it certainly is a possibility for 2016.


  • #455
    Dave!
    Closed Accounts Posts: 27,856 ✭✭✭✭Dave!


    I had more or less assumed that we had net immigration now – are there any stats floating about on migration?


  • #456
    Calibos
    Registered Users, Registered Users 2, Paid Member Posts: 7,925 ✭✭✭Calibos


    Great. When does the credit crunch end though?? Ya, know the thing that started the dominos falling in the first place.
    Suppliers cant access credit, thus have massively tightened credit to us. The bank has tightened credit to the degree that one more cut in our overdraft limit and its the end of us despite turnover, margins and profit levels at the same level as 2004 when we and they were happy as pigs in the proverbial. ie. Yes Turnover and profits are back down 30% from the highs of 2007 but to 2004 levels when there was no problem accessing credit. Bloody seasonal cashflow is going to kill us now that the banks don't want to accommodate it anymore. Someone needs to tell the banks that converting overdrafts into term loans and then cutting overdraft limits is not increasing credit to SME's like they claim they are doing.


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  • #457
    ezra_pound
    Registered Users, Registered Users 2 Posts: 2,497 ✭✭✭ezra_pound


    Dave! wrote: »
    I had more or less assumed that we had net immigration now – are there any stats floating about on migration?

    We've had positive net migration since the mid nineties. 2010 was net neutral but every other year this millennium there's been more immigration than emigration.


  • #458
    Godge
    Closed Accounts Posts: 21,717 ✭✭✭✭Godge


    Calibos wrote: »
    Great. When does the credit crunch end though?? Ya, know the thing that started the dominos falling in the first place.
    Suppliers cant access credit, thus have massively tightened credit to us. The bank has tightened credit to the degree that one more cut in our overdraft limit and its the end of us despite turnover, margins and profit levels at the same level as 2004 when we and they were happy as pigs in the proverbial. ie. Yes Turnover and profits are back down 30% from the highs of 2007 but to 2004 levels when there was no problem accessing credit. Bloody seasonal cashflow is going to kill us now that the banks don't want to accommodate it anymore. Someone needs to tell the banks that converting overdrafts into term loans and then cutting overdraft limits is not increasing credit to SME's like they claim they are doing.

    That is the last remaining obstacle to growth.

    During the 2000s the banks lost the capacity to judge businesses and identify those that were worthy of capital. This was exacerbated by the early retirement schemes in the last years of the decade that were used to shed staff. It will take a while before banks build up the ability to make those judgments. Until then they will rely on computers telling them what to do.


  • #459
    carzony
    Registered Users, Registered Users 2 Posts: 2,852 ✭✭✭carzony


    I read an article the other day that said 100 odd businesses are staring up everyday in Ireland and business liquidation is the lowest it's been in many years.

    Has anyone else noticed how busy it's become though? particularly in the city centre. You can really see a difference in the number of people on the streets and cars on the road.

    We are going in the right direction alright :)

    Nothing scientific or anything, but speaking to the bus driver a few weeks ago he told me his route is now taking him an extra 40 mins every morning and the bus is once again packed with people.


  • #460
    Kermit.de.frog
    Registered Users, Registered Users 2 Posts: 26,086 ✭✭✭✭Kermit.de.frog


    I noticed on the DART line the other day old warehouses being knocked and new buildings being built. Good sign.


  • #461
    Rightwing
    Closed Accounts Posts: 8,101 ✭✭✭Rightwing


    There is no doubt the recovery is gathering momentum, in many respects the economy is healthier now than ever before (apart from rural Ireland). Government mustn't get complacent though with pay and services etc.


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  • #462
    ardmacha
    Registered Users, Registered Users 2 Posts: 7,476 ✭✭✭ardmacha


    Ireland fastest growth in EU
    http://www.rte.ie/news/business/2015/0205/678006-eu-euro-growth/

    http://europa.eu/rapid/press-release_IP-15-4085_en.htm


  • #463
    Godge
    Closed Accounts Posts: 21,717 ✭✭✭✭Godge


    Rightwing wrote: »
    There is no doubt the recovery is gathering momentum, in many respects the economy is healthier now than ever before (apart from rural Ireland). Government mustn't get complacent though with pay and services etc.

    The problem for rural Ireland is that no rural community in the world is experiencing economic growth. We can't expect to buck the trend.

    It was only possible to do so in the boom because the boom was false. The explosion of building and construction in rural places without services and facilities was the froth on the froth of the boom. Those places will pay for years.


  • #464
    Rightwing
    Closed Accounts Posts: 8,101 ✭✭✭Rightwing


    Godge wrote: »
    The problem for rural Ireland is that no rural community in the world is experiencing economic growth. We can't expect to buck the trend.

    It was only possible to do so in the boom because the boom was false. The explosion of building and construction in rural places without services and facilities was the froth on the froth of the boom. Those places will pay for years.

    I tend to agree with this.

    However, Noonan has said the recovery will spread to rest of the country this year. I fail to see how this can happen for the reasons you have outlined.


  • #465
    Godge
    Closed Accounts Posts: 21,717 ✭✭✭✭Godge


    Rightwing wrote: »
    I tend to agree with this.

    However, Noonan has said the recovery will spread to rest of the country this year. I fail to see how this can happen for the reasons you have outlined.


    It is possible that places like Cork, Galway, Limerick, Waterford and some of the larger towns like Sligo, Carlow, Athlone, Tralee, Kilkenny etc. will see growth, but beyond that the prospects are bleak.

    If you are talking about the likes of Mountmellick, Mountrath, Mallow, Macroom, Moneygall, Monaghan, Malin, Midleton, Milford or Maum, to use towns just starting with "M", then you would be very optimistic if you saw growth in them.


  • #466
    draiochtanois
    Registered Users, Registered Users 2 Posts: 2,632 ✭✭✭draiochtanois


    This post has been deleted.


  • #467
    Godge
    Closed Accounts Posts: 21,717 ✭✭✭✭Godge


    draiochtanois wrote: »
    This post has been deleted.


    The public sector saw pay cuts last year, the private sector saw pay rises last year, so that is hardly true.

    The private sector economy in Dublin is doing very well. Restaurants, shops and pubs are busy again, construction has restrarted.

    The divide isn't between public and private (why do some people always bring it back to that?), it is between urban and rural.

    Urban economic development will power ahead for the next ten years, as is happening worldwide. Rural economic development will stagnate at best, despite schemes like rural broadband etc. It just cannot compete.


  • #468
    ardmacha
    Registered Users, Registered Users 2 Posts: 7,476 ✭✭✭ardmacha


    However, encourage of enterprise and not just dropping in FDI with limited links to the economy would be a wise move and would have a better spread of development.


  • #469
    Godge
    Closed Accounts Posts: 21,717 ✭✭✭✭Godge


    ardmacha wrote: »
    However, encourage of enterprise and not just dropping in FDI with limited links to the economy would be a wise move and would have a better spread of development.

    The policy of dropping in FDI with limited links to the economy is an old one - Fruit of the Loom in Donegal being one example of it in action, MBNA in Carrick another.

    The main policy nowadays is towards clustering companies. Pharmaceutical companies are concentrated in Cork. The local university and IOT are geared up for co-operation with them.


  • #470
    beeno67
    Registered Users, Registered Users 2 Posts: 1,218 ✭✭✭beeno67


    Godge wrote: »
    The public sector saw pay cuts last year, the private sector saw pay rises last year, so that is hardly true.
    .
    Average pay for private sector and public sector fell in the 12 months up to Q3 2014 which are the most recent figures. Why do you persist with this kind of post and then immediately follow up with
    "The divide isn't between public and private (why do some people always bring it back to that?)"
    You are the one bringing it back to that. Anyway it is pointless as in the Public Sector last year there was no actual cut to pay for the vast majority so it is a bit disingenuous to suggest the public sector had pay cuts. I am not saying it is wrong as strictly speaking it is true.


  • #471
    draiochtanois
    Registered Users, Registered Users 2 Posts: 2,632 ✭✭✭draiochtanois


    This post has been deleted.


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  • #472
    Rightwing
    Closed Accounts Posts: 8,101 ✭✭✭Rightwing


    draiochtanois wrote: »
    This post has been deleted.

    You are spot on here, but so is the other poster, there is a massive urban/rural divide now. (And by urban I mean the 4 main cities). The 2 points are interlinked of course, as most of the FDI are concentrated in these cities.


  • #473
    Godge
    Closed Accounts Posts: 21,717 ✭✭✭✭Godge


    http://www.rte.ie/news/2015/0223/682120-apple-investment-galway/

    Another 300 jobs.


    "The company says 300 jobs will be created over the multiple phases of the development process, from construction to operation."


  • #474
    Phoebas
    Registered Users, Registered Users 2 Posts: 9,373 ✭✭✭Phoebas


    Godge wrote: »
    http://www.rte.ie/news/2015/0223/682120-apple-investment-galway/

    Another 300 jobs.


    "The company says 300 jobs will be created over the multiple phases of the development process, from construction to operation."

    If you were to believe some of the contributors over on this thread, this investment is terrible news altogether.


  • #475
    FreudianSlippers
    Registered Users, Registered Users 2 Posts: 20,396 ✭✭✭✭FreudianSlippers


    Phoebas wrote: »
    If you were to believe some of the contributors over on this thread, this investment is terrible news altogether.
    Can't access (presumably After Hours?) what's the objection generally?


  • #476
    Arsemageddon
    Closed Accounts Posts: 2,129 ✭✭✭Arsemageddon


    FreudianSlippers wrote: »
    Can't access (presumably After Hours?) what's the objection generally?

    Feck all objections really, some posters are pointing out that after construction is complete a data centre doesn't really need many staff to keep it operating


  • #477
    Geuze
    Registered Users, Registered Users 2 Posts: 14,980 ✭✭✭✭Geuze


    Godge wrote: »

    The divide isn't between public and private (why do some people always bring it back to that?), it is between urban and rural.

    Urban economic development will power ahead for the next ten years, as is happening worldwide. Rural economic development will stagnate at best, despite schemes like rural broadband etc. It just cannot compete.

    Indeed.

    I have been saying for the last year that there are "two Irelands".

    Dublin/Cork/Galway and the rest.

    House prices rises in Dub and Galway have been huge, but no so outside.


  • #478
    Phoebas
    Registered Users, Registered Users 2 Posts: 9,373 ✭✭✭Phoebas


    FreudianSlippers wrote: »
    Can't access (presumably After Hours?) what's the objection generally?

    It'll only take a couple of people to run it (on low wages). It will consume energy. A forestry development needs to be moved to facilitate it. It's operated by a cult (Apple).


  • #479
    FreudianSlippers
    Registered Users, Registered Users 2 Posts: 20,396 ✭✭✭✭FreudianSlippers


    Phoebas wrote: »
    It'll only take a couple of people to run it (on low wages). It will consume energy. A forestry development needs to be moved to facilitate it. It's operated by a cult (Apple).
    Ah the usual!

    I thought that both proposed centres were going to be carbon neutral and reintroduce native trees or something like that.


  • #480
    Ren2k7
    Registered Users, Registered Users 2 Posts: 1,161 ✭✭✭Ren2k7


    Arsemageddon wrote: »
    Feck all objections really, some posters are pointing out that after construction is complete a data centre doesn't really need many staff to keep it operating

    Data centres are largely automated, barring the odd bit of maintenance and security staff to keep the place from being stripped down by Tinkers. Not sure where Apple are getting that 300 figure from.


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  • #481
    Sheldons Brain
    Registered Users, Registered Users 2 Posts: 1,394 ✭✭✭Sheldons Brain


    Could the waste heat from this place be used for a greenhouse or something? Environmentally sound and a few extra jobs locally.


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