The rate of unemployment in Ireland dipped to 4.3 percent in August, as reported by the Central Statistics Office on Wednesday, down from the 4.7 percent recorded in the preceding month. Although there was no change in the seasonally adjusted unemployment rate when compared to the same month in the previous year.
A total of 124,600 individuals were listed as unemployed in August 2024, a decrease from the seasonally adjusted figure of 134,400 in July 2024. In this figure, 65,500 were men and 59,100 women.
Youth unemployment also saw a decrease, falling to 10.7 percent in August from 11.5 percent in July.
The Central Statistics Office has also disclosed data which identifies that almost 70,000 individuals departed from Ireland last year. Australia saw an influx of 10,300 people emigrating from Ireland, indicating a 126 percent increase compared to 2022.
Economist Jack Kennedy views the current statistics as a partial reversal of the steady rise in unemployment rates from February this year when it stood at 4.1 percent. He highlighted that although job postings have been slowly returning to normal following the pandemic, they are robust, and the employment market is firm.
Data issued by Eurostat highlighted the unemployment rate across the European Union in July as being 6 percent- a figure which has been stagnant since March 2024. Spain has the highest unemployment rate at 11.5 percent, in contrast to the lowest rate in Czechia at 2.7 percent.
In the latest quarterly update provided by the Central Bank of Ireland, unveiled in June, the slowest employment growth was experienced in the initial quarter of this year. Predictions point to stable low unemployment with an average of 4.5 percent up until 2026. The bank underscored rising income levels and heightened construction activity nationwide as supporting elements for its economic growth expectations.