The latest unemployment data from CSO shows the Irish economy is still strong

The monthly unemployment rate remained stable at 4.3 percent in September, according to the Central Statistics Office (CSO).

This was flat on a monthly basis and was down from the 5.3 percent recorded in September last year.

“The rate of 4.3 percent in September 2022 was lower than the pre-pandemic level of 4.9 percent recorded in September 2019,” said CSO statistician John Mullane.

The seasonally adjusted number of unemployed in September was 116,900, down 18,500 from September last year.

Grant Thornton’s chief economist Andrew Webb said the labor market has continued to “confound” “forecasts” of an economic slowdown.

“For all the real fears in the economy of inflation that have led to a dramatic collapse in consumer confidence, the job market remains calm, reflecting that business sentiment has held up better than the consumer tracker,” he said.

He also pointed out that unemployment rates are now lower than they were before the pandemic, describing this as a “remarkable achievement given how precarious the conditions of education have been in recent years”.

Pavel Adrjan, an economist at jobs site Indeed, said the number of job postings on the site has skyrocketed compared to pre-pandemic levels.

“Indeed data continues to show that employers are very active in hiring, with Irish job postings on Indeed up 56 percent on 30 September 2022 compared to 1 February 2020,” he said.

The number of job ads on the site has fallen from its peak of 65 percent above pre-pandemic levels since Russia invaded Ukraine in February.

“Despite the deteriorating economic outlook, persistently low unemployment and high levels of job vacancies mean there are ample opportunities for job seekers,” he added.

However, he said that low unemployment means employers are facing a difficult hiring environment.

“As businesses come under pressure from excessive energy costs and other input inflation, labor market risks are increasing,” added Mr Webb.

“The pace of price inflation will mean that workers’ wages will be lower in real terms,” added Indeed’s Mr Adrjan.

Unemployment in the EU is at a record low.

https://www.independent.ie/business/irish/latest-jobless-data-from-cso-shows-irish-economy-is-still-strong-42043826.html The latest unemployment data from CSO shows the Irish economy is still strong

Fry Electronics Team

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