NI jobs market showed signs of weakening last month

Northern Ireland's jobs market has shown some signs of weakening in October, according to official figures.

The number of people on company payrolls was 805,300 last month, a slight decrease from September, but an increase of 1.1% on the same time last year.

Wages growth continued to outpace inflation, with typical monthly pay of £2,258 in October - up 7% or £148 on the previous year.

However, Northern Ireland was the lowest earning region in the UK last month, with UK average typical monthly pay at £2,438 in October.

The unemployment rate for July to September was 2%, unchanged from the previous quarter and a slight decrease on the same time last year.

The proportion of people in work, or the employment rate, fell over the quarter and the year to 70.3%.

The number of people not in work or looking for a job, known as the rate of economic inactivity, increased over the quarter and the year to 28.2%.

Private sector growing

It comes as a monthly survey by Ulster Bank suggests Northern Ireland's private sector continued to grow strongly last month.

Every month the bank asks firms across the private sector about things like staffing levels, order books and exports in what is considered to be a reliable indicator of economic performance.

In October, business activity rose at the fastest pace of any UK region, new orders increased as did employment.

NatWest chief economist Sebastian Burnside said: “Northern Ireland remained a standout performer across the UK, posting the fastest increases in output and employment.

"The latter rose solidly, despite ongoing reports from firms of difficulties recruiting staff amid a shortage of suitable candidates.

“Despite the continued growth in the private sector, business sentiment dropped to the weakest in the year-to-date.

"The survey was conducted prior to the Budget and so we'll be able to see next month what impact, if any, the changes to taxation and spending have on local company confidence."