The Republic’s jobless rate remains close to an historical low with just 4.3 per cent of the labour force classified as unemployed in September. This was down from a rate of 4.4 per cent in August.
The latest data from the Central Statistics Office (CSO) indicated the seasonally adjusted number of people unemployed was 124,300 in September compared with 125,300 the previous month.
It noted there was a fall of 3,100 in the seasonally adjusted number of people unemployed in September when compared with a year earlier.
The seasonally adjusted number of unemployed men fell to 65,400 while the number of unemployed women fell to 58,900.
Romantasy, QuitTok and other words from a dystopia-coded year
Have Ireland’s data centre builders shot themselves in the foot through their own greed?
The old order of globalisation may be collapsing – and bringing Germany with it
Wonderwallets: the cost of everything in 2024, from Oasis tickets to Leinster House bike shelter
Economists consider an unemployment rate of 4 per cent or less in the Irish labour market as tantamount to full employment.
The strength of labour markets in the face of higher interest rates and higher living costs has been one of the eye-catching features of the recent period.
Economist with recruitment website Indeed Jack Kennedy said: “The extensive cost of living measures announced in Budget 2025 are likely to lead to improved consumer sentiment, at least in the short to medium-term.”
“This could provide some reprieve on wage demand increases from employees, although much of the upward pressure on wage levels has also come from systemic issues such as rising property prices, high rents, cost inflation and higher interest rates, which are likely to remain of concern for some time to varying degrees,” he said.
“Given the strength of the country’s financial position, the government has sought to invest more in infrastructure and housing supply, two areas that could ultimately improve the country’s already favourable competitiveness and continue to support its attractiveness for foreign direct investment,” he said.
Mr Kennedy noted that the Government said on Tuesday that the level of employment in Ireland is set to increase by almost 110,000 in the two-year period to the end of 2025 and that the rate of unemployment is projected to remain low at around 4.5 per cent.
“If achieved this would extend a remarkable period in which the country’s unemployment rate has remained below 5 per cent since January 2022,” he said.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
