Subdued growth in most broad measures of nominal labor compensation and the ongoing expansion of labor productivity have held down the rise in unit labor costs, the largest component of business costs. Anecdotal reports suggest, however, that the labor market is tight in some industries and occupations and that employers are having difficulty attracting certain types of skilled workers.
In this context, a consultative group has been established by the Central Statistics Office in Ireland, chaired by Governor Lane, to develop supplementary statistical information that will generate more comprehensive insight to the dynamics of the Irish financial and economic system.