Unemployment rate creeps up slightly to 4.2%

In terms of age, the unemployment rate for people aged 15-24 years increased to 8.1%, from a rate of 7.7% in May.

The unemployment rate crept upwards by 0.2% in June compared to the previous month, according to figures from the Central Statistics Office (CSO), suggesting the labour market is cooling somewhat.

Last month, the unemployment rate was 4.2% compared to 4% in May — however, the unemployment rate in June last year was higher at 4.4%, showing employment in Ireland continues to grow.

“This is the first increase in the unemployment rate this year but it is important to note that a rate of 4.2% reflects of a very strong labour market,” said Grant Thornton Ireland chief economist Andrew Webb.

"The number of unemployed people, at 117,100, while higher than the last few months, has not given up all the gains made so far this year," he said.

In monthly terms, the slight rise in unemployment may be attributed to increased numbers of young people going abroad.

In terms of age, the unemployment rate for people aged 15-24 years increased to 8.1%, from a rate of 7.7% in May.

The CSO figures showed the number of unemployed men increased to 59,100 in June 2024, compared with 57,400 in May 2024. The seasonally adjusted number of unemployed women increased to 58,100 from 55,600 in the same period.

The slight rise in unemployment in monthly terms comes following a period of rapid growth in the labour market and record employment levels which contributed to wage inflation.