Tuesday, December 5, 2023

Payroll levels point to early signs of tech sector stress in Ireland      

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Early signs of the stress facing technology firms in Ireland have started to flash red, even as monthly payroll employment across the economy grew by 6,300 in January, official figures suggest.

The Central Statistics Office numbers show the number of employees working in information and communication — which can be used as a proxy for technology employers in Ireland — as one of the sectors to show a fall in payroll employment levels in January.

However, overall payroll numbers increased by 6,300 from December and were up very strongly, by 108,600, from January 2022. 

The increases reflect in particular large employee increases by hospitality — the accommodation and food services sector — where employee levels jumped 12% from a year earlier, and are now higher than before the onset of the pandemic, according to the CSO employment index which is based on monthly payroll estimates. 

Six economic sectors “saw monthly increases in the numbers employed in January 2023 and two remained unchanged”, said CSO statistician John Mullane.

He said seven sectors posted employment declines in January from December, with “the largest monthly decrease in agriculture, forestry, and fishing”. 

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