Unemployment in the Irish economy fell to 4.3 per cent in August, the Central Statistics Office said on Wednesday. This compared with a rate of 4.7 per cent in the previous month.
However, compared to August last year the seasonally adjusted unemployment rate for the month was unchanged.
Some 124,600 people were registered as unemployed in August 2024, dropping from a seasonally adjusted figure of 134,400 in July 2024.
Of this, 65,500 men were unemployed while 59,100 women registered as unemployed.
Meanwhile, youth unemployment fell to 10.7 per cent in August, down from 11.5 per cent in July.
It comes as the CSO recently released data that showed almost 70,000 people emigrated from Ireland last year with 10,300 people leaving the country for Australia, an increase of 126 per cent compared to 2022.
Indeed economist Jack Kennedy said the results today partially reverse the gradual increases in the unemployment rate seen since February this year, when the figure was 4.1 per cent.
“While job postings have continued to gradually normalise from post-pandemic peaks, they remain at a solid level and the labour market remains tight,” he said.
In July, data released by Eurostat said that the unemployment rate in the European Union was 6 per cent. It has stayed at that figure since March 2024. Spain registered the highest unemployment rate in July at 11.5 per cent while Czechia registered the lowest at 2.7 per cent.
The latest quarterly update by the Central Bank of Ireland, released in June said employment grew at the slowest rate in the first quarter of this year. However, unemployment in the country is forecasted to remain low “averaging 4.5 per cent out to 2026″.
The bank said that factors such as rising incomes and increased construction around the country are part of the reason for its expectation for economic growth.
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