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

Country could face worker shortage as unemployment levels continue to drop

Unemployment rate remains unchanged at 5.1%

Apprentice fund call for jobless youths

Access to apprenticeships can halve youth uneployment by end of 2019 say NYCI

More in this Section

European stocks fall as Turkey fears heighten

Investors not sold on Air France boss

Greece not out of the woods

Eurozone borrowing demand set to increase, says ECB


Today's Stories

Doubts Donald Trump’s growth spurt can be sustained

More From The Irish Examiner