Employment to grow faster - B of I index

Employment will grow faster in the coming months, according to Bank of Ireland chief economist Dr Dan McLaughlin.

Citing the bank's June job index, which showed an increase of 20 per cent in the number of jobs advertised compared to the same time last year, he said it pointed to a "further acceleration in employment growth".

The index, which counts the number of jobs advertised in national daily and Sunday newspapers, reported that 18,085 jobs were placed last month. This resumed a seven-month rising trend compared to last year after a blip in May.

The jobs market was "particularly strong" in June, according to Bank of Ireland, particularly in information technology, which recorded a rise of 216 per cent. Demand for staff in manufacturing was also buoyant, up 168 per cent on June 2003.

"It is noticeable that recruitment in manufacturing and IT has turned positive, no doubt reflecting the pick-up in Irish merchandise exports over recent months," said Dr McLaughlin.

The only sector to report a decline on the same month last year was the professional sector, which experienced a 26 per cent decline.

Commenting on the findings, Mr Cathal Muckian, director of Bank of Ireland business banking, said: "This trend is reflective of the general upturn in business activity and of the greater demand for labour to meet business development needs."