Northern Ireland jobs market is now weakening, figures suggest

The Quarterly Employment Survey (QES) surveys about 6,000 companies

The Northern Ireland jobs market may have peaked and is now weakening, the latest official figures suggest.

Most of the official short term indicators point to a slowdown in recent months.

In August, the number of people on company payrolls fell slightly, according to HMRC data.

A survey of businesses also suggests the number of employee jobs fell slightly in the second quarter of 2023.

The Quarterly Employment Survey (QES) surveys about 6,000 companies, covering all employers with 25 or more employees and all public sector employers.

It suggests the number of employee jobs was 813,450 in June 2023; that was an increase of 13,740 jobs (+1.7%) on the same period in 2022 but a decrease of 1,370 jobs (-0.2%) compared to the first quarter of 2023.

That was the first quarterly decrease in employee jobs following eight consecutive quarterly increases.

Meanwhile, the number of people claiming unemployment-related benefits increased in August, up by 0.4% to 36,700.

The overall unemployment rate in May to June also showed an increase, up to 2.7% from 2.4% the previous quarter.

The employment rate, which measures the percentage of working age adults in a job, also weakened over the quarter, down from 72.4% to 71.1%.

The statistics agency, Nisra, says the employment and unemployment figures should be interpreted carefully as the quarterly changes are not statistically significant.

HMRC data also suggests that average pay rises in Northern Ireland are continuing to run behind the rate of inflation.

In August, typical pay in NI increased by 0.1% (£2) over the month to 6% (£119) over the year.

The UK's main rate of inflation in July was 6.8% and is likely to show a similar rate for August.

• What is the Northern Ireland Investment Summit?

Meanwhile, a major investment summit is to bring more than 100 global investors and businesses to Belfast this week.

Essentially a sales pitch, the Northern Ireland Investment Summit will try to persuade companies to invest or re-invest here - while showcasing local businesses specialising in cyber security and green manufacturing.