Rate of unemployment falls again in May to 5.8%

By Marita Moloney

The rate of unemployment has fallen again in May to 5.8%, new figures from the Central Statistics Office show.

This marks a 0.1% decrease on April's rate of 5.9% which saw the rate of unemployment fall below 6% for the first time in 10 years.

In comparison to May of last year, 6.6% of people were unemployed, while in May 2016 this number was a significantly higher 8.9%.

According to today's seasonally adjusted figures, there are currently 139,000 people unemployed in the state.

The rate of unemployment hit a peak high of 16% in 2012 in the wake of the economic crisis, but projections show the rates will continue to fall well into 2019.

Davy Research forecasts the labour force to grow as a result of inward migration and belated recovery and expects the unemployment rate to fall to 4.7% by 2019.

However, it also warns that the recovery in the labour market is far from complete when comparing to pre-recession levels, which it says can be attributed to a slow structural catch-up in female participation and an ageing population.

- Digital Desk

Related Articles

Warning of possible labour shortages amid low unemployment figures

Employment rate rises by 3% to hit record highs

Over €2 million invested in Dublin tech firms by Local Enterprise Office

Jobpath finds jobs for 20,000 long-term unemployed

More in this Section

Dublin Airport sees record numbers in 2018

Ireland West Airport expecting busiest period in its history this month

Record year for Tourism Ireland with 11.2m visitors in 2018

No rush for ECB to hike rates


Making Cents: Planning for your financial future

Dive right in for Christmas swim in aid of a good cause

In the frame during a big year for comics

Musical theatre review: Les Miserables

More From The Irish Examiner