Unemployment rate falls to pre-Covid levels

Ireland's unemployment rate stands at 4.7% for May, down from 4.8% during the previous month

The figures mean that the unemployment rate has now returned to pre-Covid-19 levels. Picture: Damian Coleman

Ireland's unemployment rate has fallen to 4.7% in May, new figures from the Central Statistics Office (CSO) have revealed today.

The figures mean that the unemployment rate has now returned to pre-Covid-19 levels.

The unemployment rate declined by 0.1% compared to April 2022. The seasonally adjusted number of people unemployed was 127,500 in May 2022, in comparison to 129,900 in April 2022. 

When compared to May 2021, when the unemployment rate stood at 6.9%, there has been an annual decrease of 46,700 in the seasonally adjusted number of persons unemployed.

During the Covid-19 pandemic, the rate of unemployment peaked in March of 2021 at 7.7%, with a much higher proportion of the public in receipt of supports such as the pandemic unemployment payment (PUP) while their place of work was closed as a result of public health restrictions.

The last time Ireland's unemployment rate fell below 4.7% was over 15 years ago, in November 2006.

CSO Statistician John Mullane said the adjusted unemployment rate was 4.7% for males and 4.6% for females.

"Breaking the results down by broad age group, the seasonally adjusted monthly unemployment rate for those aged 15 to 24 years was 4.9%, while it was 4.6% for those aged 25 to 74 years.”

Figures published by the CSO last week showed that the number of people in employment, at 2.5 million, has reached record levels and has pushed "well beyond" the levels before the onset of the Covid-19 crisis.