Ireland’s jobless rate rose to 4.2 per cent last month, up from a revised rate of 4.1 per cent in September, as one the State’s main recruiters reported a slowdown in job postings.
According to the Central Statistics Office (CSO), the number of people classified as unemployed rose by 1,200 to 121,200 between September and October.
The headline rate was still lower than the 4.5 per cent recorded this time last year. Economists consider an unemployment rate of 4 per cent or less in the Irish labour market as tantamount to full employment.
The major driver of the uptick was an increase in unemployment among young people. The jobless rate for people aged 15-24 years (the youth unemployment rate) increased to 10.6 per cent in October, from a revised rate of 10.4 per cent the previous month.
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The unemployment rate for males was 4.1 per cent and 4.3 per cent for females.
Jobs website Indeed said the latest rise in unemployment coincided with a noticeable slowdown in job postings on its website.
“As of November 1st, the Indeed job postings index for Ireland – a real time measure of labour market activity – was down 20 per cent year on year, although it remains 15 per cent above the February 1st, 2020 pre-pandemic baseline (seasonally adjusted),” Indeed economist Jack Kennedy said.
“As we approach the end of the year, the unemployment rate appears set to remain below 5 per cent for all of 2024 as forecast earlier this year,” he said.
“This remarkable performance comes amid cautious optimism for moderate economic growth for Ireland in 2025 as inflation rates continue to cool, although not quite as quickly as hoped for,” he said.
Andrew Webb, chief economist at Grant Thornton Ireland, however, warned Donald Trump’s victory in the US election could have negative impacts on the economy here.
“Today’s unemployment figures continue to show labour market strength despite a slight increase on last month. We could be forgiven for placing the unemployment statistics as secondary to today’s other big news – Trump’s victory in the US Presidential election. It is an outcome that could have deeply significant impacts on Ireland’s economy,” Mr Webb said.
Should president-elect Trump carry out his election promises to impose tariffs, and reduce US corporation tax, Ireland’s economy could feel large impacts. There could be very uncertain times ahead for Ireland’s labour market as a result,” he said.
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