The unemployment rate in Ireland continues to decline, reaching 4.1% in July, according to new figures released by the Central Statistics Office (CSO). This translates to 111,900 people out of work. The data reveals that the unemployment rate for men dropped to 4.3%, down from a revised rate of 4.5% in June. The rate for women, however, remained unchanged at 3.9%.
Youth unemployment, referring to individuals aged between 15 and 24, saw a slight increase from 10.5% in June to 10.7% in July. The CSO reported that the seasonally adjusted number of unemployed individuals in July was 111,900, compared to 115,500 in June.
Andrew Webb, chief economist at Grant Thornton Ireland, noted that there have been some fluctuations in the CSO data due to revisions made to the June figures. Despite this, he emphasized that “the labour market continues to demonstrate overall strength.”
Jack Kennedy, senior economist at job site Indeed, described the labour market as “incredibly tight” and highlighted its resilience in the face of global challenges. He also pointed out that as the labour market approaches full employment, there may be sector-specific pressures in the coming months. Kennedy further stated that workers are likely to demand higher wages to offset the impact of high inflation.
The CSO’s data for July 2023 indicates a positive trend in Ireland’s labour market, with a decrease in the unemployment rate and overall strength demonstrated. However, challenges such as youth unemployment and potential sectoral pressures remain.