Unemployment falls on annual basis for first time since downturn

The level of unemployment on an annual basis has fallen for the first time since the start of the economic downturn.

New figures from the Central Statistics Office show there was a 1.1% drop in the third quarter of the year.

It means that at the end of September last there were 324,500 people out of work – 3,600 fewer than the same time in 2011.

The Quarterly National Household Survey also says the seasonally adjusted unemployment rate fell slightly to 14.8%.

However Brian Ring from the CSO says the rate of long term unemployment is on the rise, with almost three out of every five signing on for 12 months or longer: “The long term unemployment for persons unemployed for 12 months or longer was 8.9% in the third quarter of 2012.

“That’s a slight increase of 0.1%.”