In a record high not seen in over two years, the unemployment rate escalated last month. According to a statement from the Central Statistical Office (CSO), the adjusted seasonal rate surged from a revised 4.1% in March to 4.4%. This also marks a rise from 4.1% registered a year prior.
There has been an evident escalation in the number of unemployed individuals, with Conor Delves from the CSO’s labour market analysis division noting a rise from 115,400 in March to approximately 124,200 in April.
Elaborating on the gender distribution, Delves added, “The amount of jobless males on a seasonally adjusted basis escalated to 60,400 in April 2024, an increase from 57,800 in March 2024. Meanwhile, the adjusted seasonal total of unemployed women witnessed an augmentation by 6,200 during April 2024, escalating from 57,600 to 63,800.”
This 0.3% increase is the most significant monthly jump since March 2022, though rates saw a swift decline then and have been at or below 4.6% thereafter. Senior Economist Jack Kennedy, at the leading job website Indeed, commented, “Despite surpassing 4.6%, the rate has stayed notably below 5%, a level unseen since December 2021, a month before all governmental barriers on Covid-19 were eliminated. This is an impressive feat by a nation progressively experiencing stable economic growth, even in face of a downturn in 2023’s final quarter.”
Kennedy further reported, “The data for April 19th depict a drop to 10% over pre-pandemic levels in Irish job postings on Indeed, a decrease from the 12% end of March figure, the 17% February figure, and the 22% January figure. This is a significant decrease from February 2022’s record-breaking 65%. However, considering the abundance of optimistic economic information published this week, this consistent dip in job postings since the year’s commencement is unlikely to be an immediate alarm bell.”