More money in your pocket as quarterly earnings rise 3.3%

The economy is showing further signs of rude health as average weekly earnings climbed 3.3 per cent during the second quarter of the 2018 compared with the same period last year.

The latest figures from the Central Statistics Office show weekly pay packets averaged €744.08 between April and June, which was up from €720.52 one year earlier. However there were variations in earnings across the sectors.

The highest average weekly earnings of €1,133.51 were in the information and communication sector, followed by the financial, insurance and real estate activities sector at €1,119.36.

The lowest average weekly earnings were €356.29 in the accommodation and food service activities sector, and €482.91 in the arts, entertainment, recreation and other service activities sector.

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Average weekly earnings increased by 2.4 per cent across the public sector in the year to June, rising from €936.29 to €959.09, with increases in all in all 13 sectors of the economy. Members of the gardaí were paid the most at €1,363.13 per week.

There was also an increase of 3.6 per cent in average weekly earnings in the private sector, rising from €659.48 to €683.12.

The largest percentage increase was 6.5 per cent in the financial, insurance and real estate activities sector, in which average weekly earnings rose from €1,050.89 to €1,119.36 in the year to June.

The second largest increase was 6.3 per cent in the professional, scientific and technical sector which rose from €873.54 to €928.76 over the year.

The figures also provide a broader snapshot of the economy. In the five years to June 2018, average weekly earnings rose by 7 per cent, from €695.65 in June 2013 to €744.08.

There were large differences across individual sectors over this period however, ranging between 15.7 per cent in the accommodation and food services sector and -3.5 per cent in the arts, entertainment, recreation and other service activities sector.

Meanwhile, average hourly earnings increased by 2.8 per cent year-on-year during the quarter, rising marginally from €22.27 to €22.89. Average weekly paid hours increased by 0.3 per cent from 32.4 to 32.5.

The average hourly total labour costs were €26.42 in the second quarter of 2018, a rise of 2.2 per cent from the value of €25.86 one year previously.

The sector with the highest average hourly earnings was the education sector with a rate of €35.62, followed by the financial, insurance and real estate activities sector, which saw the biggest increase, rising 5.8 per cent to €31.90.

The lowest earning sectors were the accommodation and food services sector with average hourly earnings of €12.91 and the arts, entertainment, recreation and other service activities sector with a rate of €17.06.

Average hourly earnings increased in all 13 sectors in the year to June. The public administration and defence sector saw the smallest increase in average hourly earnings during the period, rising 0.6 per cent from €26.13 to €26.28.

In the five years to June, overall average hourly earnings increased by 4 per cent from €22.02 to €22.89. Over this period, average hourly earnings have increased in 11 of the 13 sectors.

The largest percentage increase was recorded in information and communication sector (12.8 per cent) rising from €27.78 to €31.33. The largest decrease over the period was in the human health and social work sector (-2 per cent) falling from €23.25 to €22.78.