Fall in unemployment rate ‘proof economy is on track’

The Government has hailed figures showing yet another fall in unemployment, although the level of youth unemployment is still double the overall national figure.

Figures released by the CSO showed the seasonally adjusted number of people who were unemployed was 168,800 in October, down from 173,200 when compared to the figure for September and a decrease of 29,700 when compared to October last year.

It represents a reduction in the unemployment rate from 9.2% in October 2015 to 7.7% last month.

However, the youth unemployment rate is still almost double the total rate, with the figures showing the number of 15-24-year-olds out of work at 15.1% last month, compared with 20.9% a year ago.

Social Protection Minister Leo Varadkar said the latest figures were “proof positive that the economy is still on track, notwithstanding concerns about the impact of Brexit and other matters”.

He said the target now was to bring unemployment down to between 5% and 6% and long-term unemployment to 2.5% by 2020.

The National Youth Council of Ireland said the rate of youth unemployment was still over 15% and still almost double the rate pre-crash.

Its deputy director, James Doorley, said: “While we welcome the small reduction in youth unemployment, at over 15% the figure is still too high, and well above the pre-crisis rate of 8%-9%.

“We need to ensure those young people that are long-term unemployed in particular do not get left behind as the economy improves.

“We should take this as a timely reminder that Government needs to intensify efforts to address youth unemployment, and in particular to step up implementation of the Youth Guarantee Scheme.

“The Youth Guarantee is designed to ensure that any young person unemployed for four months or more is guaranteed a quality education, training, or work experience place.”