Youth unemployment up as labour market remains tight

According to the CSO, the unemployment rate among those aged 15 to 24 increased to 11.2% from 10.8% in July

The unemployment rate among those aged 15 to 24 increased to 11.2% in August from 10.8% in July.

Youth unemployment increased slightly during the month of August as the overall unemployment rate stayed steady at 4.1%, new figures from the Central Statistics Office (CSO) show.

According to the data, the unemployment rate among those aged 15 to 24 increased to 11.2% from 10.8% in July. The employment rate for all those aged 25 to 74 was unchanged from 3.1%.

The unemployment rate for men remained unchanged at 4.3% along with women at 3.9%. 

In total, 111,500 were unemployed in August 2023, compared with 112,200 in July.

Grant Thornton Ireland chief economist Andrew Webb said the unemployment numbers “continue to reflect an exceptionally tight labour market” which is good news for people looking for jobs as well as the Government as income tax receipts increase. 

However, Mr Webb said the labour market is “proving challenging for those employers when looking for staff”.

“With fewer unemployed, casting the net wider for talent, through attracting people to Ireland or addressing barriers to employment for the economically inactive, will become increasingly important,” he said.

Job website Indeed's senior economist Jack Kennedy said for employers focusing on policies that will retain staff and make a business more attractive to would-be employees is vital.

“Businesses that continue to provide flexible conditions and quality benefits with a focus on the wellbeing of their employees should be able to attract a balanced workforce and are likely to be able to recruit more easily in a tight labour market," he said.