Unemployment rate increases to 4.3% in March

CSO said data for March is up compared to the 4.1% recorded a year ago

CSO data shows a rise of just under 2,000 new unemployed people in March compared to February.

The State's unemployment rate rose slightly in March to 4.3% on a seasonally adjusted basis compared to a reading of 4.2% for February.

Data from the CSO shows a rise of just under 2,000 new unemployed people, but points to continued resilience of the country's workforce.

CSO statistician Conor Delves said the data for March is up compared to the 4.1% recorded a year ago.

The Monthly Unemployment rate for March 2024 was 4.3%https://t.co/OBjHdTCUL5#CSOIreland #Ireland #LabourForceSurvey #LabourForce #Households #Families #IrishFamilies #IrishHouseholds #LabourMarket #LiveRegister #Jobs #Employment #Unemployment pic.twitter.com/k3cvsHgCYH

— Central Statistics Office Ireland (@CSOIreland) April 4, 2024

"The seasonally adjusted number of people unemployed was 122,100 in March 2024, compared with 120,200 in February 2024. There was an increase of 9,400 in the seasonally adjusted number of people unemployed in March 2024 when compared with a year earlier," he said.

Chief economist at Grant Thornton Ireland Andrew Webb said the mixed economic signals continued to make it difficult to get a firm read on the economy. 

"Unemployment figures have edged up by almost 2,000 people compared to last month, but are still well below the unemployment figures from the tail end of last year," he said.

"Some ‘bumping around’ from month to month is not surprising but with unemployment rates so low by historical standards, we are perhaps more sensitive to changes and what they might mean. 

"Figures over the coming months will be highly anticipated for evidence of whether the unemployment increase in March is the start of an upward pattern or a brief fluctuation."

Senior economist at global jobs platform Indeed Jack Kennedy said the Irish labour market remained resilient in the first quarter. 

"Barring any other major shocks to the economy, the outlook for the remainder of the year is positive, although it is possible that there will be some further modest softening," he said.