Home > Financial > Irish unemployment rate falls to 6.4%

Irish unemployment rate falls to 6.4%

Written by Robert McHugh, on 4th Apr 2017. Posted in Financial

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There was a seasonally-adjusted total out of work of 141,400 in March, down from a revised 144,700 (145,100) in February and 181,200 in March 2016.
 
This according to the latest monthly unemployment data released this morning from the Central Statistics Office (CSO).
 
Tuesday’s release showed that the seasonally-adjusted unemployment rate for March was 6.4%, down from 6.6% in February and 6.7% in January and now significantly less than half the peak of 15.1% hit during the financial crisis. 

Ireland’s jobless rate compares with a current Eurozone average of 9.5%, which is a near eight-year low. 
 
Merrion Stockbrokers say that although emigration has been a factor to some degree in keeping unemployment down since the financial crisis, the labour market has improved dramatically over the past three years or so, reflecting the strengthening of the economic recovery.

Indeed, the most recent migration estimates showed net inward migration of 3,100 in the year to April 2016 as against net outward migration of 11,600 in 2015, and the first positive figure since 2009.
 
Furthermore, employment rose in all fourteen economic sectors on an annual basis in the fourth quarter of 2016 (latest official data). The greatest rates of increase were posted in the Construction (+9.2% or 11,600) and the Professional, scientific and technical activities (+5.7% or 6,800) sectors. The pick-up in the former is particularly encouraging given that it was the building industry that suffered the worst in the downturn.
 
According to Merrion Stockbrokers, "There was an average increase in the numbers at work last year of 56,400, up from 49,700 in 2015 and employment prospects look very good again in 2017 due to the continued strong economic growth, and notwithstanding the “Brexit” risks."

They added, "We are looking for a net jobs rise of 45,000 this year. As regards unemployment, and based on the latest CSO figures, we are forecasting an average jobless rate in 2017 of 6.3% as against 7.9% in 2016 and 9.4% in 2015."

Source: www.businessworld.ie

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