The rate of unemployment in Ireland fell to 16.7% last month, according to new figures released by the Central Statistics office (CSO) today.
The figures represent an estimate based on the unemployment live register, and on the number of people currently in receipt of the Pandemic Unemployment Payment (PUP).
At present, two metrics are being used to calculate the level of unemployment in Ireland.
The standard measurement showed that unemployment in Ireland stood at 5.0% in July 2020 - up from 4.6% in June.
However, when all of those in receipt of the PUP are included, July’s adjusted figure is 16.7% - down from 23.1% in June - a 3.4% decrease.
This figure had been as high as 28.3% in April.
Workers who are currently on the government’s wage subsidy scheme are not included in the total.
Breaking the standard results down by age group, the adjusted monthly unemployment rate for those aged between 15 and 24 years was found to be 16.0%.
For those aged between 25 and 74 years it was 3.7%
The adjusted Covid-19 calculation showed an unemployment rate of 16.5% for males and 16.9% for females.
The Covid-19 adjusted measure of unemployment also indicated a rate of 41.2% for those aged between 15 and 24 years, and 13.7% for those aged between 25 and 74 years.
Commenting on the publication of the figures this morning, Catalina Gonzalez of the CSO said:
"The Covid-19 crisis has continued to have a significant impact on the labour market in Ireland in July 2020."
Jack Kennedy, economist at global job site Indeed, said that the figures illustrated a positive trend:
"Today’s figures bring some positive news as the adjusted unemployment rate fell again in July, indicating that many people are getting back to work.
"The success of the July Jobs Stimulus plan will be important for retaining existing jobs and creating new ones.
"Extension of PUP and the Employment Wage Support Scheme will help those most affected stay afloat, while recruitment subsidies under the JobsPlus scheme should help the 41.2% of those under 25 who are receiving PUP.
"This will be very important, as the option of emigration for young people we usually see during times of economic distress is currently unavailable.
"As well as job creation, reskilling for those in badly hit sectors, such as travel and tourism, will be vital to help the workforce transition to new roles.
"Remote jobs will likely become more common too, making employment more accessible for those in regional areas affected by the tourism downturn.
"Searches for remote work were the most popular on our site over the month of July, so there is certainly an appetite for it among jobseekers.
"Although much of the economy has reopened successfully, the threat of reclosure looms for many who are just now getting back on their feet.
"Hopefully we will continue to see the steady momentum in the economy we’ve seen over the past weeks."