Ireland's unemployment rate was revised up to 6.4% in April from an initial estimate of 6.2% although detailed figures on Tuesday showed employment growing at its fastest annual pace since the financial crisis.

Unemployment has consistently fallen since hitting a peak of 15.1% in early 2012. Jobs growth accelerated to an annual 3.5% in the first quarter from 3.3% in the previous three months, its 18th successive quarterly expansion, central statistics office data showed.

Ireland's finance department last month estimated that the jobless rate would dip below 6% by the end of this year, meaning the economy could reach full employment next year with the unemployment rate forecast to remain at 5.5% from 2018 onwards.

Commenting on the figures today, Ibec Senior Economist, Gerard Brady said, "The labour market is now moving toward full employment at a rapid pace. While the CSO figures released today are to be welcomed as a sure sign of the business strength and substance behind our economic growth, we must not lose focus. Ireland's labour force participation and total employment levels still remain low compared to European peers." (Reuters)

Source: www.businessworld.ie