Good economic news thread

antoobrien · 24-02-2015 11:26AM

Ren2k7 wrote: »

Not sure where Apple are getting that 300 figure from.

300 during construction, 100 permanent.

ardmacha · 25-02-2015 06:43PM

Employment increase
http://www.irishtimes.com/business/economy/numbers-in-employment-rise-by-29-100-in-q4-of-2014-1.2116822

Unemployment decrease

Quin_Dub · 26-02-2015 12:30PM

antoobrien wrote: »

300 during construction, 100 permanent.

Wonder how many of that 100 will actually need to be in Athenry though?

100 jobs is a 100 jobs so all good in the overall scheme of things, but given that most Data centre admin is done remotely, I wonder about the benefits to the local economy after construction..

antoobrien · 26-02-2015 02:03PM

Quin_Dub wrote: »

Wonder how many of that 100 will actually need to be in Athenry though?

100 jobs is a 100 jobs so all good in the overall scheme of things, but given that most Data center admin is done remotely, I wonder about the benefits to the local economy after construction..

Even if the site in Athenry is administered remotely, there will be physical maintenance, security and other onsite work required. To put it in a bit of context, it's in essence a 166,000 sq m foot factory - almost 5 times as big as the Ikea in Ballymun (35,000 sq m).

It will be hosting realtime data, so 24/7 access will be required, so take your day office numbers by 4 (e.g. 3 shifts and weekends).

Also data centers are considered security risks by companies like apple (security doesn't exist if you have physical access), so there will be higher level of security than your average warehouse.

Phoebas · 26-02-2015 05:37PM

I presume Apple will pay rates to Galway CoCo on the back if this development.

Kermit.de.frog · 26-02-2015 11:44PM

ardmacha wrote: »

Employment increase
http://www.irishtimes.com/business/economy/numbers-in-employment-rise-by-29-100-in-q4-of-2014-1.2116822

Unemployment decrease

The problems in terms of the fall in unemployment really start from here though. I'd be concerned given the numbers of people now unemployed so long that they are practically unemployable and also the social welfare traps are there too.

Good progress made but a long way to go.

KingBrian2 · 27-02-2015 12:05AM

Europe is facing a chronic unemployment problem and we are no different. These jobs are very good for Athenry and the whole west of the country. Infrastructure connecting Dublin with cities and towns in the midlands, south east and north east has now to be worked out for greater efficiency so that all these places can benefit from these job boosts.

http://www.greentraveller.co.uk/content/how-travel-ireland-without-flying

Kermit.de.frog · 27-02-2015 12:22AM

I agree but what we are seeing now is the froth being taken off unemployment but as we get down to 9% unemployment then you are hitting the buffer of three distinct groups.

1. Those in welfare traps that stand to lose financially from returning to work
2. Long term unemployed
3. Generational unemployment and those that have no intention of working

These are the core groups that will be more difficult to shift in to work or back to the workforce. Question is what percentage of the 10.4% make up those groups?

We will hit the wall eventually - hopefully it's mid single figures and not high single figures. It's easier to get unemployment from 15% to 10% than it is to get unemployment from 10% to 8%.

hfallada · 27-02-2015 01:01AM

Kermit.de.frog wrote: »

I agree but what we are seeing now is the froth being taken off unemployment but as we get down to 9% unemployment then you are hitting the buffer of three distinct groups.

1. Those in welfare traps that stand to lose financially from returning to work
2. Long term unemployed
3. Generational unemployment and those that have no intention of working

These are the core groups that will be more difficult to shift in to work or back to the workforce. Question is what percentage of the 10.4% make up those groups?

We will hit the wall eventually - hopefully it's mid single figures and not high single figures. It's easier to get unemployment from 15% to 10% than it is to get unemployment from 10% to 8%.

Well I think when we had 'full employment'. We had about 3% unemployment. So you can assume some of the 10%, never unemployed as they werent employed in the first place.

Hopefully we the economy is recovering and we have plenty of jobs. The Government will start to slash welfare and get people back to work. Even Labour is hinting that we need some serious welfare reforms eg more contributions to pensions, unemployment benefit. I cant imagine us having a huge amount of people no working if their welfare benefits were like the UK

Actually due to the multiplier effect. Its far easier to get UE to 8% than from 15% to 10%. The lower the UE rate, the higher the consumer confidence, people willingness to lend. There will be upward pressure on wages( more incentive to work).

dearg lady · 27-02-2015 08:49AM

hfallada wrote: »

Hopefully we the economy is recovering and we have plenty of jobs. The Government will start to slash welfare and get people back to work. Even Labour is hinting that we need some serious welfare reforms eg more contributions to pensions, unemployment benefit. I cant imagine us having a huge amount of people no working if their welfare benefits were like the UK
.

Unfortunately what will probably happen is they will put welfare UP, as they did the last time the economy was doing well. There's even talk of reinstating the Christmas 'bonus' already

hfallada · 27-02-2015 12:14PM

dearg lady wrote: »

Unfortunately what will probably happen is they will put welfare UP, as they did the last time the economy was doing well. There's even talk of reinstating the Christmas 'bonus' already

I cant see it happening TBH. With middle income earners pissed with the fact, they are paying huge amounts of tax and getting little in services back. While some on welfare are having a higher standard of living than most low income workers. The fact all the election promises are tax cuts and not the usual welfare increases. It looks like we might see some welfare cuts in the next few years

Ren2k7 · 27-02-2015 12:21PM

hfallada wrote: »

I cant see it happening TBH. With middle income earners pissed with the fact, they are paying huge amounts of tax and getting little in services back. While some on welfare are having a higher standard of living than most low income workers. The fact all the election promises are tax cuts and not the usual welfare increases. It looks like we might see some welfare cuts in the next few years

Lol. Yeah good luck with that. Budget 2015 saw small SW increases FFS.

FreudianSlippers · 27-02-2015 12:47PM

hfallada wrote: »

I cant see it happening TBH. With middle income earners pissed with the fact, they are paying huge amounts of tax and getting little in services back. While some on welfare are having a higher standard of living than most low income workers. The fact all the election promises are tax cuts and not the usual welfare increases. It looks like we might see some welfare cuts in the next few years

I would vote for any party that cut Social Welfare and cut taxes. It would incentivise people to work rather than collect and allow us to more fairly distribute more support to those who are in genuine need.

ardmacha · 27-02-2015 04:48PM

Lots more pay generally, but feck all more if you serve the public
http://www.independent.ie/opinion/columnists/dan-obrien/pay-increases-are-finally-here-and-consumers-are-opening-their-wallets-again-31026036.html

OMD · 27-02-2015 04:55PM

ardmacha wrote: »

More pay, unless you serve the public
http://www.independent.ie/opinion/columnists/dan-obrien/pay-increases-are-finally-here-and-consumers-are-opening-their-wallets-again-31026036.html

The statistics you refer to also say public sector pay increased last year but hey why look at facts when bull**** smell better.

ardmacha · 27-02-2015 05:58PM

OMD wrote: »

The statistics you refer to also say public sector pay increased last year but hey why look at facts when bull**** smell better.

OK, I've edited my post to reflect the fact that there was a small, perhaps even statistically insignificant increase in PS pay, while general pay increased 7.5 times that amount.

Sheldons Brain · 01-03-2015 03:26PM

Dan O'Brien upbeat this week
http://www.independent.ie/opinion/columnists/dan-obrien/after-a-long-wait-normal-service-is-finally-about-to-resume-31030404.html

micosoft · 02-03-2015 02:57PM

Never thought I'd see this but the BBC News today....

Ireland's manufacturing sector buoys eurozone output

Manufacturing output in Ireland has risen to its highest level in more than 15 years, according to the Markit Purchasing Managers' Index (PMI).

Accelerated growth in both new orders and production pushed Ireland's PMI to 57.5 in February. A figure above 50 suggests expansion.

Overall eurozone manufacturing PMI held steady in February at 51.0.

France's manufacturing sector contracted to 47.6, the lowest score in the eurozone.

Manufacturing in the eurozone matched January's figure, even though new orders rose to a seven month-high.

Meanwhile, lower oil prices have reduced manufacturing input costs, said Markit.

'Key test'

Ireland's manufacturing growth seems to be resilient, said Investec's chief economist Philip O'Sullivan, but "any uncertainty ahead of the upcoming UK election - given that Ireland's closest neighbour has repeatedly been identified by manufacturers as a key source of demand - is likely to put that to the test".

Job creation in Ireland's manufacturing sector reached its highest since May 1998, Markit said.

Greece, France and Austria all saw their manufacturing sectors contract in February.

France's manufacturing PMI fell as sharp declines in output, new orders and employment weighed on the index.

"France is the most worrying, not just because it trails behind all other countries, but it is also the only country seeing a steepening downturn," said Markit's chief economist Chris Williamson.

Pretty astonishing that the Irish Economy has an impact on the entire Eurozone specifically on manufacturing and puts a lie to all those critics who would lead us to believe we are simply some tax haven with misleading stats.

keane2097 · 02-03-2015 05:22PM

ardmacha wrote: »

OK, I've edited my post to reflect the fact that there was a small, perhaps even statistically insignificant increase in PS pay, while general pay increased 7.5 times that amount.

How significant is 7.5 times insignificant?

ardmacha · 02-03-2015 06:21PM

keane2097 wrote: »

How significant is 7.5 times insignificant?

Pretty significant. Private sector pay is clearly growing, PS pay is not.

aliveandkicking · 02-03-2015 06:26PM

micosoft wrote: »

Never thought I'd see this but the BBC News today....

Quote:
Ireland's manufacturing sector buoys eurozone output

Manufacturing output in Ireland has risen to its highest level in more than 15 years, according to the Markit Purchasing Managers' Index (PMI).

Accelerated growth in both new orders and production pushed Ireland's PMI to 57.5 in February. A figure above 50 suggests expansion.

Overall eurozone manufacturing PMI held steady in February at 51.0.

France's manufacturing sector contracted to 47.6, the lowest score in the eurozone.

Manufacturing in the eurozone matched January's figure, even though new orders rose to a seven month-high.

Meanwhile, lower oil prices have reduced manufacturing input costs, said Markit.

'Key test'

Ireland's manufacturing growth seems to be resilient, said Investec's chief economist Philip O'Sullivan, but "any uncertainty ahead of the upcoming UK election - given that Ireland's closest neighbour has repeatedly been identified by manufacturers as a key source of demand - is likely to put that to the test".

Job creation in Ireland's manufacturing sector reached its highest since May 1998, Markit said.

Greece, France and Austria all saw their manufacturing sectors contract in February.

France's manufacturing PMI fell as sharp declines in output, new orders and employment weighed on the index.

"France is the most worrying, not just because it trails behind all other countries, but it is also the only country seeing a steepening downturn," said Markit's chief economist Chris Williamson.

Pretty astonishing that the Irish Economy has an impact on the entire Eurozone specifically on manufacturing and puts a lie to all those critics who would lead us to believe we are simply some tax haven with misleading stats.

Nothing but FG/Labour lies and spin. There is no recovery. All the job creation is nothing but scambridge jobs. Unemployment is only down because of people emigrating. It's all lies. Austerity doesn't work. All the figures from the CSO are doctored to make the government look good. Denis O'Brien tells his media lackeys to report these lies. Blah blah blah

Phoebas · 02-03-2015 06:34PM

aliveandkicking wrote: »

Nothing but FG/Labour lies and spin. There is no recovery. All the job creation is nothing but scambridge jobs. Unemployment is only down because of people emigrating. It's all lies. Austerity doesn't work. All the figures from the CSO are doctored to make the government look good. Denis O'Brien tells his media lackeys to report these lies. Blah blah blah

Can't argue with that. Seriously, it's just not possible to argue with that.

Sand · 02-03-2015 09:23PM

micosoft wrote: »

Pretty astonishing that the Irish Economy has an impact on the entire Eurozone specifically on manufacturing and puts a lie to all those critics who would lead us to believe we are simply some tax haven with misleading stats.

You believe the Irish manufacturing sector can move the entire Eurozone? And you swallow that without *any* suspicion?

Let me demonstrate why people view the Irish economic stats, especially export and manufacturing figures, as misleading - Dell Ireland closed its Limerick PC manufacturing factory in 2009. It was listed by the Irish Exporters Association in 2014 as Ireland 4th top exporter, where its line of business was PC manufacturing. That's an amazing trick - manufacturing and exporting PCs without having any factory to manufacture them in.

Dell just booked the actual manufacturing work done in Poland back to its company in Ireland, to declare it here for tax purposes. The work, the manufacturing, the exports and the jobs are done in Poland. Ireland just collects the accounting entry and calls it an export.

Have a read here and then ponder if Ireland would do better economically, consistently, if the actual economic activity occurring in Ireland was understood and planned for...

Certainly, things would have gone better for Ireland if people had grasped that what was driving house prices between 2001-2008 was not supply and demand.

aliveandkicking · 02-03-2015 11:51PM

Phoebas wrote: »

Can't argue with that. Seriously, it's just not possible to argue with that.

Hope you don't think I was serious. I had hoped it would be obvious I was parodying the "progress deniers".

Phoebas · 03-03-2015 06:59AM

aliveandkicking wrote: »

Hope you don't think I was serious. I had hoped it would be obvious I was parodying the "progress deniers".

Whoops! The real thing and the parody can often be indistinguishable around here.

draiochtanois · 03-03-2015 10:56AM

This post has been deleted.

micosoft · 03-03-2015 11:26AM

aliveandkicking wrote: »

Hope you don't think I was serious. I had hoped it would be obvious I was parodying the "progress deniers".

No longer possible to tell the difference between truth and parody here I'm afraid!

frankbrett · 03-03-2015 06:23PM

http://m.rte.ie/news/business/2015/0303/684232-exchequer-returns-february/

Exchequer returns continue to impress with income tax receipts noteworthy.

Scam bridge is really paying off!

Godge · 03-03-2015 06:38PM

frankbrett wrote: »

http://m.rte.ie/news/business/2015/0303/684232-exchequer-returns-february/

Exchequer returns continue to impress with income tax receipts noteworthy.

Scam bridge is really paying off!

Incredible tax figures.

€1bn up on last year over the first two months, that is an annual increase of €6bn if maintained for the year.

Even on forecasts, tax receipts are up €345m, over €2 bn on an annual basis.

All of that points to a giveaway election budget in October.

johnnyskeleton · 03-03-2015 07:02PM

Godge wrote: »

All of that points to a giveaway election budget in October.

Looks likely. I wish we had an electorate that would see through giveaway budgets (and their poor cousin, givaway opposition promises), but people will be expecting a big giveaway even if the figures dont support it. Now, the big giveaway will be even bigger!

Good economic news thread

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