Seasonal factors and Celtic Tiger baby boom behind rise in unemployment figures 

Bank of Ireland said the percentage of young people out of work may be distorting official unemployment figures

The CSO said during October, the unemployment rate stood at 5%, down from a revised rate of 5.1% in September, but up from the 4.2% recorded in October last year.

The closure of universities and schools, the Celtic Tiger baby boom and a surge in the percentage of young people out of work may be distorting official unemployment figures, Bank of Ireland has said.

Last week, the Central Statistics Office (CSO) made several revisions to its monthly unemployment figures, which shows that from July, the unemployment rate has been at or above 5%, the highest recorded since January 2022.