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Decline in unemployment rate continues in August

Written by Robert McHugh, on 3rd Sep 2019. Posted in Ireland

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The latest figures from the Central Statistics Office (CSO) show that the unemployment rate for August was 5.2%. This is down on the revised rate of 5.3% for July and down from a revised 5.5% a year ago.

The seasonally adjusted number of people unemployed fell by 6,400 between compared to a year ago. The figures show that Ireland is increasingly looking to attract workers from overseas to fill new roles, with 43% of the growth in employment over the last year was driven by non-Irish nationals. 

Recent data published by Indeed showed how technology employers are relying increasingly on foreign job seekers to fill new roles. Twenty five per cent of clicks on tech jobs in Ireland came from abroad in 2018, an increase from 17% five years ago. The UK remains the biggest source of overseas interest in Irish tech jobs.

Commenting on today's figures, Economist at Indeed, Pawel Adrjan said, "The unemployment rate resumed its downward trend in August, following softer data for June and July. There continues to be strong competition to hire staff, particularly in areas with skills shortage such as finance, engineering, pharmaceuticals and technology. Whilst we may see further declines the rate cannot go down infinitely, and we are getting closer to a level that may be viewed as full employment."

He added, "Notwithstanding the fact that fears of Brexit could help Ireland attract workers looking to leave the UK, the more serious risk is of the economic shock a no-deal Brexit could cause for Ireland. Instability and likely recession in our nearest neighbour and most important export market will almost certainly put pressure on the current benign labour market situation. The Government’s warning that a no-deal disorderly Brexit could see as many as 85,000 jobs being lost is a looming risk as the October 31st deadline fast approaches."

Source: www.businessworld.ie

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