Bank of Ireland Job Index shows continued growth in key areas of private sector

"Budget should focus on proactive measures to retain business competitiveness"

Some of the key barometers of the private sector - manufacturing, construction and the professional sector- continue to show strong growth in advertised job opportunities compared to this time last year according to the Bank of Ireland Business Banking Job Index published today Monday, 10th November 2003.

The Bank of Ireland Business Banking Job Index remains largely unchanged over the same month last year, holding steady at 104 points.This stability is due to the strong performance of the private sector, which is up 6%, but this is nullified by the continuing decline in the public sector, down 24% on October of last year.

Manufacturing is up 43% on 2002 in October, construction is up 14%, professionals are up 26%, leisure 8% with the retail sector remaining unchanged. However it's not all good news within the private sector, as IT and Financial Services are continuing to perform poorly, with both down 23% and 43% respectively on last year. Unfortunately the public sector is well down on 2002, with the highest drop this month taking place in the education sector, at 47% and healthcare down 10%.

Commenting on the October Job Index, Dr Dan McLaughlin, Group Chief Economist, Bank of Ireland, said, "There is growing evidence that the pace of economic activity in Ireland is picking up, which one would expect given the upturn evident in the US and the UK. Irish industrial production has picked up, business sentiment has improved and the most recent readings confirm that consumer confidence is also on the mend. The trend in the Bank of Ireland Business Banking Job Index mirrors this change, particularly on a three month basis, with year over year falls in recruitment advertising earlier in the year giving way to positive annual growth in recent months. The aggregate figures also mask a striking divergence between private sector and public sector recruitment. Jobs in education, for example, fell by an annual 39% in the three months to October, with health down 9%. Private sector jobs, in contrast rose by an annual 7% in the three months to October, which is supportive of the recovery thesis. Indeed, the turnaround in manufacturing is startling, with an annual 100% rise in job adds for the sector in the three months to October."

Contact:
Anne Mathews
Media Relations Manager
Ph:01 604 3836
Mob:087 246 0358

Liam D'Arcy
Marketing Executive
Bank of Ireland Business Banking
Ph:01 604 3713
Mob:086 825 7734

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