30% recovery in job ads

There was a 30% recovery in the number of jobs advertised last month compared to April, with strong growth in the professional services and manufacturing areas driving the recovery.

More than 18,000 jobs were advertised in Ireland's daily and Sunday newspapers during May 2003 - a figure almost identical to the May 2002 findings - according to the latest Job Index published by Bank of Ireland Business Banking today.

There were a record 5,087 jobs advertised in the professional services area in May this year. This is a massive 76% increase on the May 2002 figure and the highest monthly total recorded in any sector since the index began.

Manufacturing is also showing strong signs of recovery with recruitment now at its highest recorded level since the jobs Index began in March 2002.

However, there was a sting in the tail for the healthcare sector with the sharp decline continuing. Advertised jobs were down for the fifth consecutive month and 46% down on the same period last year.

"The job Index is already giving us a good feel for movement in the economy. From a business perspective there are encouraging signs in the level of recruitment activity with strong employment demand in the professional services and manufacturing areas and continued demand in the construction sector, " said Tom Comerford, Director Bank of Ireland Business Banking.

The quick resolution of the Gulf War also appeared to remove some of the worldwide economic uncertainty which was being blamed for the decline in the April 2003 findings.

"The job index for May shows an encouraging bounce from a weak April figure, which was probably distorted by Easter and the Iraqi conflict," according to Dr Dan McLaughlin, Group Chief Economist at Bank of Ireland.

"Ireland has survived the global downturn remarkably well thanks to the modest rise in unemployment and these job figures would support the view that the unemployment rate may not rise as much as the consensus believes," he added.