The number of people in jobs liable to social insurance charges continues to rise strongly. According to the figures available for September 2014, employment was up by a good 500,000 or 1.7% on a year earlier. The highest increases are still being recorded in a number of service sectors, but the metal, electrical and steel industry also saw a year-on-year increase in employment of 62,000. Employment is rising in the overwhelming majority of sectors.
Given the positive trend in recent months, at the end of 2014 we see unemployment around 100,000 lower and employment 400,000 higher than end-2013. This year’s economic growth of around 1.5% has therefore once again been very labor-intensive.