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

CSO figures show slight fall in unemployment

Unemployment at lowest level in more than 10 years

Country could face worker shortage as unemployment levels continue to drop

Unemployment rate remains unchanged at 5.1%

More in this Section

Interest rate hike looms in just 11 months

Markets braced for Italy and Saudi tensions

Food firms look to Europe

Hotel revenue rising across the country, report shows

Breaking Stories

A tempting taste of what is on offer in Dingle

Too much information? Lindsay Woods on 'sharenting'

Graham Norton: ‘If it was hard work I couldn’t do it’

Saying yes to the dress: Behind the scenes at the royal wedding

More From The Irish Examiner