Fresh job figures show good news for the economy

Monday 13 October 2014

The economy might be turning the corner according to employment figures that show that the number of people in work grew by 1.1% in the last 12 months.

The figures – which have been delayed by problems with the new population rules – show increases in both private sector employment which went up by 0.9% to 49,980, and public sector employment which rose 1.1% to 8,350.

Perhaps most encouragingly, the Labour Market report for June 2014 also shows that full-time employment in the key finance sector increased very slightly by 0.3% to stand at 11,350 in June this year - exactly a quarter of the non-States workforce.

The figures also record the number of zero-hours contracts for the first time, along with the residential status of people in work. The report showed that at the end of June there were 6,050 jobs filled by people on zero-hours contracts – or around 11% of all jobs in the Island.

Stats showing the residential status of the workforce showed that 86% of people in employment were “entitled” (or qualified by birth or ten years’ residence under the old system), 10% were “registered” (or unqualified), and 3% were licenced (or J-Category essential employees under the old system).

The report also recorded that Jersey’s unemployment rate for international comparisons was 4.6%, meaning that around 2,800 people were unemployed and looking for work – almost twice the number registered as “Actively Seeking Work”. The most recent UK unemployment figures for the end of July showed a comparable rate of 6.2%.