Home > Economy > Irish unemployment rate down to a 12 year low

Irish unemployment rate down to a 12 year low

Written by Robert McHugh, on 19th Nov 2019. Posted in Economy

article headline

Ireland's workforce grew by 2.4% in the third quarter from a year earlier, pushing the unemployment rate down to a 12-year low of 4.9%, data showed on Tuesday.

Employment growth is a key measure of the health of the economy in a country where the movement of large multinational assets tends to skew gross domestic product.

Employment grew by 53,700, with the economy adding approximately 1,000 jobs a week, to bring total employment to 2,326,900, the Central Statistics Service said. The unemployment rate of 4.9% was down from 5.2% in the second quarter.

Finance Minister Paschal Donohoe warned that the government must be careful, since the economy was now closer to full-employment than at any time since the onset of the 2008 financial crisis.

"At this crucial juncture, it is imperative that economic policy supports continued growth in a sustainable way, protecting the economy against external risks while managing the risk of potential overheating," Donohoe said in a statement.

Source: www.businessworld.ie

More articles from Economy

image Description

Irish jobless claims and tanking taxes lay bare coronavirus carnage

Read more
image Description

Covid-19 has triggered a severe negative shock to the Irish economy warns Central Bank

Read more
image Description

NTMA plans busy quarter as coronavirus spending soars

Read more
image Description

Ireland's economy could shrink by more than 7% this year

Read more
image Description

Ireland tightens coronavirus restrictions and boosts rescue package

Read more