Unemployment rate remains steady as labour market ‘holds its nerve’

Unemployment rate remains steady as labour market ‘holds its nerve’
The Central Statistics Office (Brian Lawless/PA)

Ireland’s unemployment rate remained unchanged in September compared with August at 4.3%, figures from the Central Statistics Office (CSO) show.

The figures also show that the unemployment rate was down last month compared with the same time last year, from a level of 5.2%.

The seasonally adjusted number of people unemployed was 116,900 in September, compared with 117,700 in August.

The unemployment rate for men in August remained unchanged at 4.2%, and down from 5.3% in September last year.

The rate was down to 4.3% for women from a rate of 4.5% in August, and down from 5.1% in September last year.

There was a rise in youth unemployment, of those aged 15 to 24, to a rate of 12.4% from a revised rate of 11.8% in August.

John Mullane, statistician in the labour market analysis section, said: “The seasonally adjusted unemployment rate for September 2022 was unchanged at 4.3% from August 2022 and down from 5.2% in September 2021.

“The seasonally adjusted number of persons unemployed was 116,900 in September 2022, compared with 117,700 in August 2022.

“There was a decrease of 18,500 in the seasonally adjusted number of persons unemployed in September 2022 when compared with a year earlier.

“The seasonally adjusted number of men unemployed was 61,300 in September 2022, compared with 59,800 in August 2022.

“For September 2022 the seasonally adjusted number of women unemployed was 55,600, compared with 58,000 in August 2022.”

Andrew Webb, chief economist at Grant Thornton Ireland, said the labour market “continues to hold its nerve”.

Unemployment rates are now lower than pre-pandemic levels, a remarkable performance when considering how uncertain training conditions have been in recent years

“For all the genuine fear in the economy about inflation, which has seen consumer confidence levels tumble dramatically, the labour market continues to hold its nerve, reflecting how business sentiment has been holding up better than the consumer tracker,” Mr Webb said.

“Unemployment rates are now lower than pre-pandemic levels, a remarkable performance when considering how uncertain trading conditions have been in recent years.

“The key question as we head into winter will be whether the labour market can continue to confound predictions of an economic slowdown.

“With pressure coming on business via inflated energy costs and other input inflation, the labour market risks are mounting.”

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