Unemployment rate keeps falling to stand at 4.1% 

There were 111,900 people unemployed in July, down from 115,500 the previous month. 

The unemployment rate has continued to decline, dropping to 4.1% in July with just 111,900 people out of work, new figures from the Central Statistics Office (CSO) show.

According to the figures, the unemployment rate for men is down to 4.3% — from a revised rate of 4.5% in June. The unemployment rate for women was unchanged at 3.9%.

Youth unemployment — those aged between 15 and 24 — now stands at 10.7% a slight increase from June’s 10.5%.

According to the CSO, the seasonally adjusted number of people unemployed during July was 111,900 compared with 115,500 in June.

The Monthly Unemployment rate for July 2023 was 4.1%https://t.co/imWz2GUNu1#CSOIreland #Ireland #LabourForceSurvey #LabourForce #Households #Families #IrishFamilies #IrishHouseholds #LabourMarket #LiveRegister #Jobs #Employment #Unemployment pic.twitter.com/hPcPscWz2q

— Central Statistics Office Ireland (@CSOIreland) August 2, 2023

Andrew Webb, chief economist at Grant Thornton Ireland, said the CSO data has shown some fluctuation recently given some of the revisions to the June data.

Despite this, he said “the labour market continues to demonstrate overall strength”.

Jack Kennedy, senior economist at job site Indeed, said the labour market remains “incredibly tight” and is “proving resilient amidst global challenges”.

“Economic success is not without challenges, and as the labour market remains at near full employment, the coming months could reveal sector squeezes.” 

Mr Kennedy added that pay pressures remain strong and “workers will push for higher wages to compensate for high inflation”.