Government ministers hail record employment numbers amid cost-of-living crisis       

The latest monthly consumer survey for Credit Unions showed that sentiment was holding up much better than could have been expected a year ago

Enterprise Minister Simon Coveney said January unemployment at 4.4% was "incredible", amid fears about the fallout from the pandemic, Brexit, and the war in Ukraine. 

Government ministers have hailed jobs data showing a record number of 2.57 million people were in employment as further proof of the resilience of the Irish economy despite many households still facing a cost-of-living crisis and recent fears of a jobs shake-out by the the multinationals.  

The figures from the Central Statistics Office also showed that unemployment at the end of the year was running at its lowest level for 21 years, suggesting the economy was at full employment, and potentially signalling further difficulties for employers seeking to hire staff. 

The jobs data adds to a range of recent readings, including surging monthly tax revenues and an Exchequer budget surplus, that show "once again the Irish economy has proved to be more resilient" than once feared, economist Austin Hughes said. 

The comments come as his latest monthly consumer survey for Credit Unions showed that sentiment was holding up much better than could have been expected a year ago, when the Russian invasion of Ukraine sent gas and lighting and household grocery bills surging. 

The European Union in new forecasts last week said the Irish economy will grow almost 5% this year, the fastest growth of any EU state.            

However, Mr Hughes said the crisis had cost the average Irish household €3,000 in the past year, as consumers reflect on their finances, even as they know that the future is far from being "a clear blue sky".  

Lower petrol pump prices and milder weather helped with heating bills and lifted consumer sentiment somewhat in February, Mr Hughes said.      

Dermot O'Leary, chief economist at Goodbody, said "strong" levels of migration and population growth were helping boost employment levels "due to a large influx of economic migrants from rest of the world economies due to a comparatively attractive labour market, and from Europe, influenced by the war in Ukraine". 

The number of persons aged 15-89 years in employment increased by 68,600 or 2.7% to 2,574,500 persons in the year to Q4 2022https://t.co/DU9NuVvbgN#CSOIreland #Ireland #LabourForceSurvey #LabourForce #Households #Families #LabourMarket #Jobs #Employment #Unemployment pic.twitter.com/nN8RUQRStd

— Central Statistics Office Ireland (@CSOIreland) February 23, 2023

On the multinationals shedding jobs, Mr O'Leary said Goodbody estimates that 10% of multinational jobs supported by the IDA in the information and telecommunications technology firms in Ireland were at risk, but "must be seen in the context of the circa 30% ICT employment growth since 2019". 

Government ministers hailed the jobs data as showing that employment had also grown outside the Dublin region. 

Enterprise Minister Simon Coveney said January unemployment at 4.4% was "incredible", amid fears about the fallout from the pandemic, Brexit, and the war in Ukraine. “I know these results don’t tell the lived experience for all businesses and workers," Mr Coveney said. 

"Some businesses are still struggling, especially with increased costs, and we will continue to help through our support schemes. Staff and their families will also be affected by the recent announcements of down-sizing in certain tech companies with a presence in Ireland," he said. 

Finance Minister Michael McGrath said the Government will continue to work on strengthening businesses.