Joblessness below 300,000 for first time since 2010

Unemployment decreased by 9.3% in the 12 months to the end of March — statistics that are being described as “very positive” as this is the first time the figure has dropped below 300,000 since 2010.

It is also the first time our unemployment rate fell below 14% since entering the EU-IMF bailout.

Unemployment had reached 15.1% in the same period last year — the highest since the economic crisis began in 2008.

Davy chief economist Conall Mac Coille said the CSO figures “reinforce our view that this year will be the first calendar year employment will expand since 2008”.

“Employment is up for a third consecutive quarter and annual growth is now +1.1%, the fastest pace for five years. Unemployment is below 14% for first time in three years. Although agriculture and part-time work account for much of the employment growth, expanding services sector jobs, particularly in hard-hit hotels/restaurants and wholesale/retail suggest the domestic economy and labour market are stabilising,” said Mr Mac Coille.

Eight of the 14 sectors measured saw annual employment growth, with agriculture up almost 20% and construction hit hardest, falling 6.7%.

The Government forecast last month that unemployment would remain at 14% this year and only fall to 12.3% by 2016 when the next general election is due. The latest Household Quarterly Report figures mean the number of people out of work now stands at 292,000.