New data revisions published by the CSO yesterday suggest that the recovery in Ireland's labour market has been even more impressive than previously thought.
Incorporating revisions from Census 2016 for the first time, the unemployment rate is estimated to have hit a high of 15.9% during the crisis (December 2011), relative to a previous estimate of 15.1%. Since that point, the unemployment rate has fallen markedly, standing at 6.1% in November.
The revision stems from the Census showing a higher than assumed Irish population in April 2016, mainly due to lower net emigration over the inter-censal period. This results in upward revisions to the estimates of employment and unemployment.
According to Goodbody Stockbrokers, "Yesterday's unemployment revisions suggest that employment levels will also be revised upwards. Assuming that employment revisions are somewhat in line with the unemployment revisions, it is likely that employment levels in the Irish economy have already surpassed pre-crisis peak levels."