More normality on the Isle of Man sees the unemployment rate hold steady, the pandemic yet to impact economic data on the Rock and unemployment in Guernsey drops

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Isle of Man

Inflation as measured by the Consumer Price Index stood at 0.1% for July 2020, up from -0.3% in June 2020. At 0.7% recreation and culture was the biggest contributor towards the increase compared to the same time last year. All products within this category experienced an uplift in prices compared to July 2019, with internet subscriptions increasing by 13.7% and pet care by 8.8%.

On the Isle of Man labour market, the number of registered unemployed increased by 766 compared with July 2019. This meant the rate for July 2020 was 2.6%, the same as the previous month.

On earnings, median gross weekly pay of full-time employees was £593 in 2019 with full-time employees working an average of 37.9 hours per week, including 1.2 hours of overtime.

Overtime, incentive pay and shift premia made up 6.7% of employees’ gross weekly earnings up from 6.3% in 2018. Median Isle of Man earnings were 1.4% higher than the median UK earnings.

On the Island, 15.7% of employees in 2019 earned less than the Living Wage, up from 11.2% and 14% in 2018 and 2017 respectively and 3.1% of employees earned the Minimum Wage down from 3.4% in 2018.

Gibraltar

At the end of August there were 51 active cases of COVID-19 in Gibraltar. The Territory has had 270 confirmed cases of COVID-19 and no deaths at all. Gibraltar has largely returned to normal including open bars (with some restrictions) and limits on the size of private gatherings.

There is little data on the impact the pandemic has had on the Rock’s £2.3bn economy, with the latest figures showing unemployment (Dec 2019) at an all time low of 40 but inflation (April 2020) has dropped to 0.6%. The latest GDP figures (2018/19) showed the economy grew at 5.9%. Gibraltar’s GDP is calculated annually.

Channel Islands

In Jersey the number of people looking for work was 2,000 in June; this is 990 higher than at the end of the previous quarter and 1,130 higher than a year earlier.

On property, on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q2 2020 was 1% higher compared with the previous quarter but the turnover of properties was 56% lower than in Q2 2019 and 32% lower than in Q1 2020. Q2 2020 saw the lowest quarterly turnover for more than 7 years, since Q1 2013.

This meant the mix-adjusted average price of properties sold in Jersey was £584,000 which compared with £460,000 in Guernsey.

House prices in Guernsey were 3.5% higher than in the previous quarter and 7.5% higher than in the corresponding quarter of 2019. Turnover in Guernsey during the second quarter of 2020 was 19% lower than in the previous quarter and 38% lower than in the corresponding quarter of 2019.

During the week ending 1st August 2020, 2.7% of the workforce (856 people) were unemployed in Guernsey compared to a peak of 5.2% (1,631 people) at the end of May 2020.

Median earnings as at 31st March 2020 were £34,409 higher on the island which, when compared with a year earlier, was 2.6% higher in nominal terms and 0.6% higher in real terms.

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