Food and retail account for half of new jobs in last year

We are borrowing more, earning more, and spending more — and the food and retail sectors are reaping the benefits, accounting for almost half the jobs created over the last year.

Drawing on new data from the CSO, John McCartney, director of research at property consultants Savills, said a 6.2% rise in household disposable income — equating to €1.5bn — was largely attributed to a combination of improved employment and wage levels as well as modest tax cuts.

While the legacy of the bust continues to inspire people to save — €210m of the increase in household incomes has gone into savings — the majority has been spent, with total household expenditure rising 6% or €1.27bn in the last year.