Unemployment rate falls to 4.2% for July

A recent survey from AIB revealed that the services part of the economy grew "strongly" in July and continued to hire, defying the rapid slowdown affecting manufacturing.

The overall seasonally adjusted unemployment rate declined to 4.2% in July as companies continued to hire workers despite fears of an economic slowdown.

Figures from the Central Statistics Office (CSO) show the seasonally adjusted figure for July fell to a 21-year low, down marginally from the revised 4.3% rate recorded in June.

The unemployment rate for females remained unchanged at 4.3%, while the unemployment rate for males declined marginally to 4.1%, down from a revised figure of 4.2% the previous month.

The decline in the unemployment rate comes as the Irish labour market continues to tighten. 

Last month, results from a labour market index  showed that the hiring rate for the first five months of 2022 was, on average, 27% higher compared to the same period during 2019.

The unemployment rate for persons aged 15-24 increased marginally to 10.9%, up from a revised rate of 10.8% in June 2022.

Meanwhile, the unemployment rate fell to 3.1% for those aged 25-74, a decline from a revised rate of 3.3% in June 2022.

A recent survey from AIB revealed that the services part of the economy grew "strongly" in July and continued to hire, defying the rapid slowdown affecting manufacturing.

The Monthly Unemployment rate for July 2022 was 4.2% for all persons aged 15-74 yearshttps://t.co/ugnu1VUCZE #CSOIreland #Ireland #LabourForceSurvey #LabourForce #Households #Families #IrishFamilies #IrishHouseholds #LabourMarket #LiveRegister #Jobs #Employment #Unemployment pic.twitter.com/mt23rFMmCU

— 🎄Central Statistics Office Ireland (@CSOIreland) August 4, 2022

John Mullane, Statistician in the Labour Market Analysis Section, CSO said: “The seasonally adjusted number of persons unemployed was 113,000 in July 2022, compared with 113,900 in June 2022. There was a decrease of 36,000 in the seasonally adjusted number of persons unemployed from a year earlier.

Mr Mullance continued: "The seasonally adjusted number of males unemployed was 58,200 in July 2022, compared with 59,600 in June 2022. In July 2022 the seasonally adjusted number of females unemployed was 54,800, compared with 54,300 in June 2022.”

Last month, research released by the Irish Central Bank found that Ireland's employment growth in the last year was driven mainly by women over 35 and younger people joining the workforce.

Jack Kennedy, economist at global job site Indeed, said: "Indeed’s latest data shows that whilst employers’ hiring demands have eased in recent weeks, as concerns about a slowdown in economic growth have risen, employers are still actively hiring, with the level of Irish job postings on Indeed up 60% at 22 July 2022, compared to 1 February 2020."