David McNamara: Strong Irish labour market is set for a slowdown

Unemployment remains low, ticking up to 4.4% in Q2 2024 from 4.3% in Q1

The Irish labour market expanded at a robust pace in Q2, but indicators point to a slowdown ahead.

Last week’s data show employment increased by 0.7% in the quarter, and the annual growth rate accelerated to 2.7% y/y (+1.9% y/y in Q1 2024). Total employment in Ireland is now at a record high of 2.74 million, and is 372,000 or 16% above its pre-pandemic levels in Q4 2019, following several years of rapid jobs growth.