Oral Answers to Questions — Enterprise, Trade and Investment – in the Northern Ireland Assembly at 3:15 pm on 11 May 2015.
T4. Mr McNarry asked the Minister of Enterprise, Trade and Investment whether, given this morning's statement by the Ulster Bank's chief economist that Northern Ireland's recovery has stalled since last November, which is very disappointing, this is a blip or a sign of ongoing difficulties. (AQT 2454/11-15)
I thank the Member for his question. The purchasing managers' index today suggested that our two biggest sectors — services and manufacturing — boasted solid growth for the second month in a row. However, some of the other indicators were less positive over the past month. Of course, this is only one survey — a very important one that we all take notice of — but, even from the bank and Richard Ramsey's point of view, there are still other strong indicators, such as unemployment continuing to fall for the twenty-seventh month in a row, job numbers growing for the eleventh consecutive quarter and consumer confidence being at a seven-year high. Although some indicators cause me concern, others show that we are still moving in the right direction.
I thank the Minister for her answer. I have always recognised, congratulated and acknowledged her performance as a Minister. However, 20% of our 18- to 24-year-olds are unemployed, and 80% of that age group earn less than the living wage. Given the news that we have had this morning, what is your message to young people when we have evidence of fluctuations in the economy?
I did not mention that we have to acknowledge the exchange rates pressure that we are facing. There is no getting away from the fact that that is an issue for us in Northern Ireland. Although we do not have any levers over it, we must acknowledge and try to take action to deal with it.
In respect of unemployment among young people, we are, of course, engaging in our economic inactivity strategy, which puts in place actions to deal with something that has happened not just over the past couple of years. We have a legacy of economic inactivity, and, unfortunately, we are at the top of the regional table for that. We are listening carefully and taking action through the economic inactivity strategy.