General

Ireland’s Unemployment Rate Has Fallen Back to Pre-Recession Times

Male unemployment rates are falling faster than female according to the monthly unemployment statistics released by the Central Statistics Office (CSO) on 31st October.

The number of unemployed people in Ireland has decreased by 1.7 per cent on average each month since October 2017, according to the CSO. This has led to a decrease by almost one-fifth in the total unemployed population.

Men currently make up 56.8 per cent of the unemployed population and women make up 43.2 per cent. However, the number of unemployed men is dropping at a faster average rate of 1.74 per cent per month compared to 1.66 per cent for women.

The number of unemployed people is currently 155,800 which is 5.3 per cent of the population according to the CSO. This is the lowest rate of unemployment Ireland has seen in ten years. The unemployed population is also approximately 14 per cent lower than it was at this time in 2008 when it stood at 180,900 in October, a month after the recession was declared.

“The previous time the MUR was 5.3% was between the months of December 2007 and February 2008,” said the Irish National Organisation of the Unemployed (INOU) in a press release.

For the population aged between 15 and 24 which would include students, the number of unemployed people has decreased by 1.2 per cent on average per month. In contrast to the overall unemployed population, the rate of female unemployment is dropping faster on average than male, according to the CSO.

The rate of unemployment increased on average from March to July this year, particularly for those aged between 15 to 24. This rise in unemployment could be attributed to seasonal workers who only work during the summer and winter months.

Despite Ireland returning to the pre-recession unemployment rate, the INOU stated their concerns in a press release that Brexit could cause numbers to rise again. Budget 2019 brought additional funding for the Department of Business, Enterprise and Innovation and employer investment in higher education courses through the ‘Human Capital Initiative’.