Average employee in Northern Ireland down nearly £30 in June
Over the quarter from March-May 2025, the unemployment rate for Northern Ireland was 2.1%, which was a 0.6% increase over the period and described by Nisra as 'statistically significant'.
There were 30.2 million weekly hours of work performed in June, which was a 4.2% rise on the prior quarter and a 2.9% rise from the equivalent period in 2024.
However, the economic inactivity rate now sits at 26.3%, which was a 0.4% rise over the year. Economic inactivity is defined as 'the proportion of people aged 16 to 64 who were not working and not seeking or available to work'.
There were 300 redundancies in June, with a total of 2,160 redundancies made in the 12 months leading up it. That figure was down by 400 from the total of 2,560 for the previous year.
And there were 210 proposed redundancies in the month, taking the annual total to 3,030, which was almost 5% higher than the figure for the previous year (2,890).
During the month, there were 38,500 people on the claimant count, which covers those claiming jobseeker's allowance or unemployed recipients of universal credit.
That was 3.9% of the workforce, and the figure is 28.8% higher than that recorded before the pandemic in March 2020.
The figures follow an unexpected increase in Consumer Price Index (CPI) inflation to 3.6% in June, up from 3.4%.
Mark McAllister, chief executive of the Labour Relations Agency, said the figures, combined with the rise in inflation, 'make a bad combination especially with pending pay negotiations and the potential for pay-related disputes'.
'This, together with an uptick in the number of announced redundancies compared to last year, may give cause for concern.
'Whilst long-term trends are not in place, there does not seem to be a let-up in employees bemoaning the cost of living and employers bemoaning the cost of doing business.'
Jenny Rankin, associate and employment expert at DWF Law, said: 'The latest labour market figures for Northern Ireland show a mixed picture against a difficult economic backdrop.
'Strength in formal employment and wage growth are both positive indicators. More people are actively looking for work but unable to find it, suggesting some cooling in the market.
'With food prices rising and UK inflation taking an unexpected hike in June 2025 we are likely to see employees seeking higher wages. Quite simply it costs more money to live.
'If employers cannot meet the increased wage demands, we may see some movement in the market as employees may be forced to search for other roles for higher pay.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Spectator
a day ago
- Spectator
GDP growth proves the Bank of England's mistakes
Yesterday's stronger-than-expected GDP growth raises questions for the Bank of England. Second quarter growth came in at 0.3 per cent (0.2 per cent per Brit) propped up by a strong 0.7 per cent in June alone. The rest of the national accounts however, paint a worrying picture when it comes to inflation. The GDP deflator – which is a measure of the overall level of prices in the whole economy – came in at 4.1 per cent year-on-year growth. That's down slightly from the last reading but still more than double the Bank's 2 per cent target. Nominal domestic demand was growing too, at more than 5 per cent – providing stronger growth figures but pouring fuel on the inflationary fire. The Bank itself now expects inflation to hit 4 per cent later this year but the rationale from the five members who swung the Monetary Policy Committee's (MPC) recent rates decision was that the labour market had become so 'slack' that a cut was needed to kickstart growth. The fact the economy expanded 0.7 per cent in June suggests that rates cut wasn't needed. The result: inflation let rip. Meanwhile, data from the Office for National Statistics earlier this week pointed to pay rises of 4.6 per cent on average. Once price rises were factored in, this is still more than a percentage point above CPI. It seems hard to argue that the inflationary pressures from wage demands had worked their way out of the system before the MPC cut rates. Another issue is the savings ratio – savings divided by household disposable income – which remains at over 10 per cent. Economic uncertainty is leading to consumers holding back on spending, something Rachel Reeves will be keen to unleash to boost jobs and business revenues. But if the Chancellor achieves this it will be yet more fuel on the inflationary fire. In short, the Bank may have loosened the reins just as the blaze was heating up. We can only hope I'm wrong.
Daily Mirror
2 days ago
- Daily Mirror
Bitcoin price soars to new record high above $124,000 as Ethereum also surges
Bitcoin reached a new all-time high (Image:) Bitcoin soared to a fresh all-time high above $124,000 (£91,000) during early Thursday trading, continuing a week-long surge that has boosted the wider cryptocurrency market. Being first of its kind, Bitcoin acts according to free-market theory and was invented in 2008. Since then, the cryptocurrency is now predicted to hold 800,000 individual owners, according to Yahoo! Finance. The price of BTC- USD reducing to around $121,700, following the rally, the world's largest cryptocurrency has now climbed more than 6% over the past week, smashing through its previous July record of just over $120,000. Will K, VOOI CEO and Symbiosis Finance co-founder, said: "Bitcoin's latest rally reflects the blurring lines between crypto and traditional assets, happening faster than institutional adoption timelines predicted. "While ETFs brought institutions into bitcoin, retail traders are returning to evolved decentralised platforms that have shed their clunky origins." In comparison, Yahoo! Finance reports coin Ethereum (ETH-USD) outperformed Bitcoin in percentage terms, leaping 28% over the past seven days to trade above $4,742, edging nearer to its November 2021 peak of $4,865. WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. NEWSLETTER: Or sign up to the Mirror's Money newsletter here for all the best advice and shopping deals straight to your inbox. Bitfinex' Head of Derivatives, Jag Kooner, stated: "Ethereum's rally is being driven by strong ETF [(exchange traded fund)] inflows, institutional accumulation, and a favourable macro backdrop after softer CPI [(consumer price index)] data boosted rate-cut expectations." He went on, saying: "Traders have rotated back into risk, with Bitcoin and Ether both seeing renewed long positioning, while options data shows low implied volatility and a build-up in open interest." He explained how this signalled to markets expectations of "a sharp move ahead - but hedging downside risk". The total cryptocurrency market value now stands at $4.23 trillion, with up 1.9% on Thursday August 7, according to CoinMarketCap data. This crypto rally coincides with US equities closing higher on Wednesday 13, with the S&P 500 (^GSPC) and Nasdaq (^IXIC) reaching new record highs this week. This broader risk-on sentiment has spilled over into digital assets. Bitcoin's surge has been bolstered by a more welcoming regulatory environment in Washington. Earlier this month, US president Donald Trump signed an executive order instructing federal banking regulators to eliminate "reputational risk" as a factor in supervision, a designation that had often led banks to sever ties with lawful crypto firms. This move, part of a wider rollback of restrictions critics labelled "Operation Choke Point 2.0," has been paired with the disbanding of the Justice Department's National Crypto Enforcement Team and new legislation to establish a federal framework for stablecoins. Industry leaders have stated that this shift is paving the way for greater institutional participation in digital assets, adding momentum to bitcoin's rally. Note that at the time of writing this article, the cryptocurrency valued at $119,703.12, according to CoinMarketCap.
Reuters
2 days ago
- Reuters
Sterling ticks higher against dollar as economy slows less than expected
LONDON, Aug 14 (Reuters) - The pound rose to a fresh three-week high against the dollar on Thursday even as the greenback advanced against other major currencies, after UK GDP figures for July showed the economy slowing less than expected in the second quarter. At 0937 GMT, the pound was 0.1% higher at $1.135875, sitting at a three-week high against the dollar . Meanwhile, the dollar rose against the euro and Swiss franc. Against the euro, sterling rose 0.22% to 86.01 pence . Official figures published on Thursday showed Britain's economy slowed less than expected between April and June after a strong start to the year, despite the shock of U.S. import tariffs and a weaker jobs market, offering help to finance minister Rachel Reeves in meeting her budget goals. Francesco Pesole, FX strategist at ING, said while the numbers were generally positive they matter more for gilts and for the government heading into the autumn budget. "The BoE hasn't really looked at GDP numbers closely because they're volatile and backward-looking, and they're really looking much more closely at inflation and jobs." UK labour data on Tuesday showed weakness in hiring but persistent wage growth, a headache for the Bank of England, which is faced with the tricky task of balancing a slowing economy and stubborn inflation. The next batch of inflation figures is due on August 20 after last month's CPI figures for June showing UK inflation rising to 3.6% - its highest since January 2024. "The fact that policymakers are pondering how to respond to the challenging combination of a rather weak real economy and persistent inflation has bolstered the pound," wrote Commerzbank analysts in a note. "...these doubts reinforce the view that the BoE is not leaning towards a dovish stance." Money markets expect the BoE to hold rates steady at 4.25% at its next meeting on September 18 .
