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

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