Unemployment remains at two-decade low of 4.3%

Unemployment in the Irish economy remained at a two-decade low of 4.3 per cent in March despite the elevated rate of inflation and wider cost-of-living pressures. This was down from 5 per cent in March last year and suggests conditions in the labour market remain tight.

Central Statistics Office (CSO) data published on Wednesday indicated there were 117,200 people classified as unemployed last month, down from 117,500 in February. This represented a year-on-year decrease of 14,400.

The CSO said the jobless rate for men stood at 4.1 per cent in March and at 4.6 per cent for women. The youth unemployment rate in March was put at 10 per cent, down from a rate of 10.2 per cent in February.

“The unemployment rate appears to have stabilised at current levels for now, which can be regarded as a good outcome given the recent uncertainty around tech jobs,” said Andrew Webb, chief economist at Grant Thornton Ireland. “With consumer sentiment now showing signs of increasing, and corporate tax receipts performing exceptionally well, hope is growing that recessionary fears are abating and a more settled economic period lies ahead.”

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The latest unemployment figures indicate that employment grew by 68,600 last year despite the cost-of-living crisis and a slowdown in international activity. That meant the total number of people employed in the Irish economy rose to a record 2.57 million.