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Bank of Ireland Business Banking's Job Index shows May 2003 on par with 2002

    - major recovery from April slump

    18,256 jobs were advertised in Ireland's daily and Sunday newspapers during May 2003, almost precisely the same number as in May 2002, according to The Job Index published by Bank of Ireland Business Banking today (Tuesday, 10th June 2003).

    The May total shows a significant recovery (up 30%) in the number of jobs advertised over April 2003 which had been down sharply on previous trends due to the uncertainty arising from the war in Iraq. The findings show a strong surge in employment in the professional services area (up 76% on May 2002) with 5,087 jobs advertised in the month, the highest monthly total in any sector since The Job Index was initiated in March 2002.

    The manufacturing sector is also showing strong signs of recovery, as manufacturing recruitment is now at the highest level recorded since March 2002.

    The downward trend for employment opportunities in the Healthcare sector appears to be continuing, with jobs advertised down for the fifth consecutive month and by 46% on the same period last year.

    In comparing May 2003 with May 2002, the Job Index concludes that;

    Mr Tom Comerford, Director Bank of Ireland Business Banking said, "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"

    Dr Dan McLaughlin, Group Chief Economist, Bank of Ireland said, "The job index for May shows an encouraging bounce from a weak April figure, which was probably distorted by Easter and the Iraqi conflict. Recruitment in the public sector appears to be slowing, particularly in Health, but the positive news emerging is that private sector recruitment is picking up. Private sector jobs rose by 8% in the year to May, and looking at a broader three-month period the gain is 3%. It is also noteworthy that manufacturing recruitment is growing again. 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";.

    The Job Index is a timely measure of sectoral demand for labour in the Irish economy. Using Central Bank classification of sectors, the index tracks the number of jobs advertised in the Irish daily and Sunday newspapers.

    - Ends -

    10th June 2003

    Contact:
    Anne Mathews
    Media Relations Manager
    Ph. 01 604 3836
    Mob: 087 246 0358

    Liam D'Arcy
    Marketing Executive
    Bank of Ireland Business Banking
    01 604 3713

    Note to Editors:

    About Bank of Ireland Business Banking
    Bank of Ireland is the number one Bank for business in Ireland with dedicated business relationship managers available through each of its 270 strong nationwide branch network and over 50,000 registered users for its 'Business on Line' service. The Bank of Ireland business offer includes the full range of day-to-day business banking services as well as specialist Treasury, Commercial Finance, Credit card and Life Assurance planning services. These business services are backed up and complemented by Bank of Ireland's Specialist Business Bank, a dedicated unit which assists Bank of Ireland branches and customers with more complex and specialist financial packages.

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